Within two weeks of the launch of the ASAP factoring loan facility, small and medium-sized enterprises have applied for loans to cover almost 2,700 overdue invoices with a total outstanding value of EUR 3.9m. The average outstanding invoice value is EUR 1,453. EUR 50 million has been allocated to small and medium-sized enterprises under the ASAP scheme, and the application process is still open.

“The mechanism of this support measure for small and medium-sized enterprises was developed, tested and launched in just a few weeks. We want to make the application process for companies as simple and easy as possible, but it is only natural that it took some time for the application process to gather momentum. The data of the last several days show that more and more applications are being granted, and this week the first disbursements should already take place,” said Kęstutis Motiejūnas, CEO of Investicijų ir Verslo Garantijos (INVEGA).

According to Mr Motiejūnas, in order to make the measure even more attractive for businesses, it has been decided to make the terms more favourable: the eligible timeframe has been changed, accepting invoices issued between 1 January until 31 March 2020 (instead of the previous starting date of 16 March); there is no longer a minimum limit of EUR 100 (including VAT) per invoice; the minimum and maximum loan amounts have also been changed, with the minimum amount decreased from EUR 1,000 to EUR 500, and the maximum amount increased from EUR 100,000 up to EUR 500,000.

The submission of factoring applications has been accelerating in the second week of the scheme as they keep growing at a rate of 50 percent a day since 20 April. The application process for invoice factoring loans will remain active until the planned amount of EUR 50 million is distributed to small and medium-sized enterprises. Applicants can see the balance of the available ASAP funds by logging in to the application portal https://ASAP.invega.lt

 

Small and medium-sized enterprises applying for a loan under the ASAP scheme must have submitted their 2019 accounts to the Register of Legal Entities and all the invoices submitted for factoring must be confirmed by the company’s  debtors, whereas the VAT invoices must be registered in the State Tax Inspectorate system i.MAS. Following the assessment of precedents abroad, such requirements have been introduced partly in order to protect companies from possible data theft or fraud.

Approximately 200 companies contact INVEGA about the scheme every day on its free hotline +370 800 50 500 or by e-mail at ASAP@invega.lt. In issuing factoring loans, INVEGA is collaborating with the Bank of Lithuania.

 

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Atnaujinta 2020-04-30