Riga city join forces for entrepreneurs

Riga City Council launched a project to address the issue of empty commercial properties in the Latvian capital and to promote entrepreneurship at the same time.

The project - called Duka - offers empty commercial space to entrepreneurs at no charge except the cost for utilities such as water and electricity.

"Because of the crisis situation there are commercial spaces widely available which have no tenants. At the same time there are many young and creative entrepreneurs who are unable to start a business because they don't have proper premises," says Charlotte Hagberg, head of Retail Banking at SEB Latvia.

"In situation when traditional solutions don`t work, you need a creative, even non-standard approach to overcome the crisis and to help the economy to recover. Project Duka is that kind of approach."

Duka is based on short or long term letting without rent. This principle allows the property owners to find tenants - new entrepreneurs, who will manage and vitalize the premises and will cover the utility payments until the owner can find more permanent customers.

For entrepreneurs it is a great opportunity to start a company in attractive premises for a low cost and acquire additional knowledge in business. Meanwhile the city improves social vitality and economic attractiveness.

Project Duka has opened a new web portal (http://www.duka.riga.lv/) to help property owners meet entrepreneurs. The website will include not only information about available space, but also advice for starting a business, a database of creative ideas, advertisements and an opportunity for project participants to create their own websites.