Signet Bank provides financing of EUR 1.3 million to Lavatio for business development

Signet Bank has provided EUR 1.3 million in financing to a Latvian company Lavatio for the development of industrial laundry service.

Lavatio is the newest and most technologically advanced industrial laundry service to open in Latvia, which will performs cleaning of textile products in particularly large volumes for the needs of various public institutions, such as hotels, hospitals, restaurants and other institutions.

Having studied the current offer in the field of industrial laundry services in Latvia, we see that there are business opportunities in this area that are not yet fully developed, so we are confident in Lavatio’s business strategy, and we are pleased that Signet Bank has been chosen as their financial partner.

Roberts Idelsons,Chairman of the Board atSignet Bank

New lending transactions remain an important business development priority for Signet Bank. The availability of credit resources for Latvian entrepreneurs is one of the main priorities of our strategy for 2021. We continue to actively seek new lending and investment projects, focusing on financing of cash flow instruments, real estate development projects, equipment acquisition and business expansion projects, financing of working capital and transactions for the acquisition of enterprises/capital.

The bank was founded in 1992 as Latvijas Biznesa banka. Since 2013, it has focused its strategy on servicing entrepreneurs and their businesses, with an emphasis on high-quality capital maintenance and structured investment projects. Signet Bank’s majority shareholders are a group of Latvian and international investors, which includes SIA Hansalink, SIA Fin.lv, and Signet Acquisition III.