SEB last week launched a new initiative in Latvia to help support start-up companies there. As part of the initiative SEB pays bills from new companies before their due date and has asked other large companies, municipalities, associations and incubators to give priority to start-ups in various ways.
Under the initiative, SEB provides new and existing client companies with a stamp they can use on invoices and other correspondence to show they are newly established. Companies are eligible to be part of the initiative for the first 12 months of their existence.
“In an entrepreneur’s life it’s not only financial support that matters and we believe that SEB can help with more than bank services. Providing new companies with an opportunity to get support from our cooperation partners – big Latvian companies, organisations, municipalities and business incubators is one way. Therefore we have launched this unprecedented project granting newly established companies a specific ‘Support a new company!’ stamp,” says Ieva Tetere, head of SEB’s retail banking unit in Latvia.
While the stamp has no binding force, it will be a recognition mark for a newly established company. For the convenience of the company a electronic stamp will also be available at SEB’s Latvian branches or by e-mailing an application to info@seb.lv.
The new initiative coincides with SEB also launching a new set of products and services for start-ups called the “Entrepreneur package” which offers simple and affordable banking services for the newly establish companies.
The stamp concept was first developed at SEB in Lithuania.