Perspektyva

What are the benefits?

INVEGA, granting loans under the financial incentive Perspektyva, seeks that micro, small or medium-sized enterprises (hereinafter referred to as the SMEs) meeting the criteria set out in the SME Law and large enterprises would get financing for activities involving industrial research and/or experimental development and innovative activities aimed at placing an innovative product, item, service or technology on the market no later than 5 years after the signing of the loan agreement.

After the borrower implements a project properly, up to 20% of the loan amount outstanding can be assigned as a subsidy.

What companies are eligible?

A loan may be granted when activities of the funded project include:

  • industrial research and/or experimental development, and the business entity is an SME or a large enterprise. In this case, state aid is granted to a business entity according to the provisions of the Block Exemption Regulation. The implementation of a project, for which funding is requested in accordance with the provisions of the Block Exemption Regulation, must not have started before the date of submission of the application;
    or
  • industrial research and/or experimental development and innovative activities (industrial research or experimental development activity is mandatory in the project), and the business entity is an SME. In this case, aid is granted to a business entity according to the provisions of the de minimis Regulation.

Description of the conditions

The application must be in Excel format and signed by the head of a business entity or the authorised person of a business entity (the power of attorney must be issued for this purpose and submitted along with the application) with a qualified electronic signature.
It is recommended to sign the application (in Excel format) and the enclosed documents in Signa Web application.

Teikiami dokumentai Pastabos

Application

 

SME status declaration signed by the head.

Not to be submitted when the borrower confirms that it is a large enterprise.
Declaration of a single undertaking. To be submitted when aid is given to a business entity according to the De minimis regulation.
Letter of a private investor on its intention to participate in the project. Not to be submitted when all funds, covering the private investor's share, are the borrower's funds. In such a case, this information must be supported in the business plan.
The fixed assets depreciation rates approved by a decision of management bodies of a business entity. To be submitted when a business entity intends to acquire fixed assets with the funds of the loan.
Documents describing the business entity. Registration documents, by laws / Articles of Association, copy of the personal identity document of the head, information about shareholders (owners, beneficial owners). Current shareholding structure of the borrower and a document of free form, which would indicate the relationship between the business entity and related companies.

Business plan (free-form project description).
In preparing the business plan, we suggest to follow the structure of the business plan recommended by Versli Lietuva.

The business plan should describe the pursued business, the proposal for securities (collateral) and the determination of the target values (indicators) of the implementation of the project activities. If the borrower intends to participate in the project financing with its own funds, this information must be supported in the business plan.
Interim financial statements of the past quarter of the current financial year.  
Decision of the management body of a business entity on taking a loan, pledge/mortgage of assets and appointment of authorised persons for conclusion of the agreement with INVEGA.  
Business entity’s financial condition and forecasts (Annex No. 1 to the description).  
Annex No. 2 to the description.  

Note: If necessary, a business entity may be asked to provide additional documents to support the data.

Terms

Loans are granted for a period not exceeding 120 months. The borrower has the right to repay the loan before the maturity of the loan specified in the loan agreement without any additional fees.

Applications are evaluated in order of sequence by the date and time of their submission to INVEGA. INVEGA shall perform the evaluation of an application no later than within 60 business days, in case of a decision to grant a loan, shall send a loan agreement within 5 business days.

Loans shall be granted (loan agreements shall be signed) in the period of application of the Block Exemption Regulation or de minimis Regulation, according to which a loan is granted.

How much?

Several loans may be granted to one borrower, but the total amount of loans may not exceed EUR 1 million.

After the borrower implements a project properly and repays INVEGA 80% of the loan and accrued interest, up to 20% of the loan amount outstanding will be able to be assigned as a subsidy. A subsidy shall be assigned only in case if the maximum possible amount of the de minimis and state aid is not exceeded.

A loan may be granted for the financing of a project only if at least one private investor is involved in the financing of the project. A private investor may participate in the project by granting a loan to the borrower to finance the project. The participation of a private investor also includes the participation of the borrower in the implementation of the project with its own funds.

A private investor must contribute at least 20% of the eligible costs to the implementation of the project, before the loan is disbursed. If the aid is granted to a business entity in accordance with the provisions of the de minimis Regulation, investments by a private financing party (paid-up project costs that are eligible costs) may be made no earlier than 6 months before the submission of a loan application.

Where aid is granted to a business entity in accordance with the provisions of the Block Exemption Regulation, the investment by a private financing party (paid-up project costs that are eligible costs) made before the loan application is submitted will not be considered proper participation of a private financing party in the project.

Up to EUR 20 million from the state budget of the Republic of Lithuania has been allocated for the implementation of the instrument in total.

How does it work?

In order to obtain a loan, one is to apply to INVEGA filing an application and related documents by e-mail info@invega.lt, with the name of the instrument (Perspektyva) in the subject field of the e-mail letter.

Requirements for applicants

You can apply for a loan if:

  • You are a micro, small or medium-sized enterprise (SMEs) that meets the criteria set out in the SME Law or a large enterprise.
  • The funded project activities give direct benefit to the Republic of Lithuania and contribute to:
    a) creation of jobs in the Republic of Lithuania; and/or
    b) creation of the production of goods and provision of services in the Republic of Lithuania and/or increasing their exports; and/or
    c) payment of taxes, contributions (Sodra contributions) in the Republic of Lithuania (on the activities).
  • The State and/or the municipality does not have or has less than 25% of the enterprise’s shares, ownership interest or other interest in capital of the enterprise.
  • You meet the minimum criteria for reliable taxpayers.
  • You are not an enterprise in bankruptcy, restructuring or liquidation.
  • You have not received any unlawful aid which has been declared unlawful and incompatible with the internal market by a decision of the European Commission, or you have repaid the full amount of such aid, including interest, in accordance with the procedure laid down in the legal acts.
  • At the time of the application, you are not an enterprise in distress and you have submitted a set of financial statements for the past financial year to the Centre of Registers (not applicable to business entities operating for less than 1 year).
  • You have provided all the required documents.