INVEGA is a financial entity incorporated by the State. The main objectives of the operations of the entity are as follows: provision of financial services and implementation and administration of financial and other support measures for SMEs.
On 17 October 2018, the Government of the Republic of Lithuania granted the status of a national promotional institution to INVEGA; by decision of the Supervision Service of the Bank of Lithuania, INVEGA was included on the List of National Promotional Institutions starting from 3 December 2018.
The Law on National Promotional Institutions (NPI) adopted by the Seimas of the Republic of Lithuania on 5 June 2018 has provided for even wider opportunities for developing promotional financing operations in Lithuania. INVEGA is performing the NPI functions in the fields of commencement, implementation and development of operations (including innovations) of SMEs.
INVEGA has incorporated the subsidiary UAB Kofinansavimas, which is engaged in the incorporation and management of venture capital funds, investment of venture capital and investment and financial consultancy. UAB Kofinansavimas manages the public venture capital fund Koinvesticinis Fondas, which is aimed to develop the Lithuanian venture capital market, educate new participants of the venture capital market and in this manner ensure a better access to capital to new promising Lithuanian companies that have limited access to business financing instruments offered by banks.
The nature of the main operations of INVEGA is described in the Articles of Association of INVEGA and Resolution No. 887 “Regarding the operations of the Private Stock Company Investicijų ir Verslo Garantijos” of 11 July 2001 of the Government of the Republic of Lithuania (which resolution regulates the operations of INVEGA).
The operations of INVEGA are aimed to implement State-financed measures intended to support SMEs at the stages of activity commencement, implementation and development, to create and/or retain jobs and improve competitiveness. Over the reporting period, some of the INVEGA’s measures and activities were implemented and financed using State budget funds, monies returned to the controlling funds managed by INVEGA and monies from the 2014–2020 European structural and investment funds.