Future and new entrepreneurs in Lubāna Municipality are invited to participate in activities: a business idea competition and information about current opportunities at the Madona Business Incubator on 19 February

Very soon, with the start of Vidzeme Innovation Week, the business idea competition “START IN LUBĀNA 2019” will be announced on 25 February. Two initiatives are planned for Lubāna Municipality as part of the Vidzeme Planning Region’s (VPR) “Vidzeme Innovation Week” activities: a business idea competition and the inclusion of the “Podiņi” tree nursery of the state-owned joint-stock company “Latvijas valsts meži”, located in Lubāna Municipality, in an exhibition created by the VPR about innovative businesses. We hope that during this year we will be able to bring some of the exhibition materials about innovative businesses in Vidzeme to Lubāna Municipality.

A little more detail about the “Start in Lubāna 2019” competition. The aim of the competition is to motivate residents to implement their business ideas by creating new products or services, to provide municipal support for the implementation of projects by companies and individuals, and to promote the establishment and development of new businesses in Lubāna Municipality. The following are invited to participate in the competition: a company registered in the Latvian Register of Enterprises (within the 12 months preceding the date on which the competition is announced) with its registered office in Lubāna Municipality, as well as individuals who are prepared to start a registered business in Lubāna Municipality.

The total funding allocated this year for the co-financing of projects is EUR 8,000. The deadline for implementing projects supported במסגרת the competition is 20 December 2019. The submitted project must provide for the creation of new jobs and innovative products or services in Lubāna Municipality. Taking into account experience from previous years and the ideas submitted in the competitions, it was decided to amend the competition regulations. Under eligible costs, the following are designated as eligible expenses: the purchase of technological equipment and auxiliary equipment; the construction, reconstruction and repair of connections (roads, electricity, sewerage, communications, etc.); the construction, reconstruction and repair of production buildings; the printing and distribution of informational materials, website creation and marketing costs; the purchase of specialised computer software; repair costs for owned or rented premises; and other justified costs. The following will not be financed במסגרת the project: project preparation, wages; interest payments and fees for financial transactions; contractual penalties; the purchase of property or equity interests; and the purchase of inventory intended for lease. The maximum permissible municipal funding for one project is EUR 4,000, but funding exceeding EUR 2,000 may be received by companies that create at least one full-time job within six months after receiving the funding. In addition, the project implementer must provide co-financing of no less than 30% of the project’s total costs. The submission of projects will be announced on 25 February and will close on 29 March. The competition regulations can be found in the Public Documents section of the municipality’s website, under the Regulations subsection.

On 19 February, before the business idea competition is announced, representatives of the Madona Business Incubator will visit Lubāna Municipality to provide information about the opportunities to apply for pre-incubation and incubation support, INFORM participants about the support itself, which may be of interest to new entrepreneurs, and provide information about the Madona Business Incubator’s activities in 2019. At this same event, representatives of Lubāna Municipality will provide information about the “START IN LUBĀNA 2019” competition to be announced on 25 February and its regulations, as well as answer questions from those present.

We encourage you to take advantage of this opportunity and attend the meeting with representatives of Lubāna Municipality and the Madona Business Incubator at 4:00 p.m. on 19 February at the Lubāna Municipality Tourism and Cultural Heritage Centre. Perhaps the “START IN LUBĀNA 2019” competition and the support provided by the Madona Business Incubator are the missing links needed to make your entrepreneurial dream a reality!