Loans to Businesses Most Affected by COVID-19
What are the benefits?
Loans to the businesses most affected by COVID-19 are unsecured loans that help SMEs facing difficulties due to the COVID-19 outbreak to obtain financing in the form of loans to enable SMEs to pay for the necessary costs.
Loans to cover the borrower’s minimum monthly payments: staff salaries, real estate rent, utilities, loan administration fees and other necessary expenses of the borrower.
What companies are eligible?
- small and medium-sized enterprises (SMEs) that meet the status of an SME entity under the Law on SMEs;
- the COVID-19 outbreak caused difficulties, i.e. their turnover fell by more than 30%;
- SMEs that have retained at least 50 percent of employees, compared to the number of the borrower’s employees on 1 March 2020.
What is the maximum amount?
Up to EUR 200 million from the state budget of the Republic of Lithuania was allocated for the implementation of this instrument.
The maximum loan amount is EUR 1000,000. One loan may be granted to one borrower under the instrument.
How does it work?
For loans, one should apply to the financial institution that has signed a cooperation agreement with Invega.
The call is terminated at the end of the deadline for submission of applications or after the allocation of the amount earmarked for the financial instrument.
Financial intermediaries can sign loan agreements with borrowers and disburse loans by 31 July 2020.