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Payment difficulties

If the state of emergency caused by Covid-19 in the country and globally has brought around unexpected financial distress for your company, the solution offered by Swedbank in support is deferral of principal repayments by 6 months with an additional option to extend the total term of the agreement by 6 months.

Eligibility requirements

  • There must be a clear action plan for overcoming the difficulties
  • This option may be only used in emergency cases when the company’s own funds are not sufficient for meeting the payments
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The solutions set out below should be treated as remedy to be taken only in emergency situations. Primarily, the company should look into what it can do by using its internal resources.

  • The company’s principal repayments are deferred for 6 months.
  • Interest payments must be continued during this time.
  • The principal amount not paid during repayment deferral will be distributed over the remaining loan term.
  • Repayment deferral may be stopped at any time, returning to the regular payment schedule.
  • Principal repayments on the loan are deferred for 6 months.
  • Total term of the loan agreement is extended for 6 months. Consequently, the monthly payment for the loan will remain at the previous amount after the end of the repayment deferral period.

If other changes are necessary, please send us a message via Internet Banking.

On 5 May 2020, Swedbank joined the moratorium developed by the Finance Latvia Association that allows customers of banks (and their subsidiary leasing companies) experiencing temporary financial difficulties due to COVID-19 to defer principal repayments on loans (incl. leasing) by up to 6 months.

To find out more about the moratorium and the conditions on which customers can avail themselves of the possibilities under the moratorium, see here.

Good to know

  • Payment discipline and, if necessary, timely communication with the bank before the monthly payment is past due serves as the basis for mutual trust.
  • Good credit history increases the possibility to receive financing also in the future.
  • Companies that were struggling financially already before the economic impact caused by Covid-19 will be registered as restructured at the moment of approval of the application.
  • A decision on restructuring of companies that were not struggling with loan payments before but are now due to the impact of Covid-19 will be assessed after the first 3 months of postponed repayments.

Questions worth considering

  • How much money is necessary to keep the company running? How long could the company run by tapping into its internal financial reserves?
  • What measures have been taken or will be taken to reduce the company’s day-to-day costs? For example, changes in rent payments, administrative expenses, revised payments for extra conveniences at the workplace etc.
  • Have you asked suppliers about the possibilities to extend invoice payment time limits?
  • What is the optimum amount of products in the warehouse?
  • Have you identified opportunities for alternative sales channels and e-commerce?
  • What are the possibilities and willingness of the company owner to support the business with their personal funds?
  • Have you inquired about the possibility to defer payments at all financial institutions that your company does business with?

Questions and answers about the deferred principal repayment solutions

No special documents are required.

The currently announced deferral of principal repayments applies to lending products that have a schedule with monthly principal repayments, including leases.

Yes, monthly interest payments for the outstanding amount on lines of credit will need to be continued just like before, and credit cards have no schedule either - the amount spent each month must be repaid.


Normally, the answer will be given within a couple of days, however in some cases the assessment will take more time. Likewise, the time it takes to prepare an answer is influenced by the number of applications we get which may be more time-consuming in case of large volumes but at present we provide answers within a couple of days.

If your retailing is put on hold, we suggest not hurrying with returning the POS device to the bank but rather contact the bank by sending a message via Internet Banking to inform about the situation - we will assess each application on a case-by-case basis and help find a solution for reducing the expenses for the company.

The new schedule will be available on the Internet Banking site after finalizing the changes. If you want to know it beforehand, you can write us and ask about it in advance.

If you have such a specific need, please tell us about it in a message via Internet Banking and we will look into what tailor-made solutions are available in the situation at hand.

There could be such a possibility but then you need to send us a message via Internet Banking and we will review such requests.