Billion for Business

What are the benefits?

Granting these loans, INVEGA promotes transformation of the national economy towards a more sustainable, more innovative and safer economy, financing projects in Lithuania for:

  • environmentally friendly technologies:
    • developing circularity,
    • decarbonisation,
    • energy efficiency,
    • introducing low-waste, advanced, innovative, digital technologies,
  • development of high value-added product production capacities (including biotechnologies),
  • defence and security industry.

Loans granted for such investments are subordinated, syndicated or direct.

Who is eligible?

Businesses operating in Lithuania.

In order to obtain a loan, one is to apply to INVEGA filing an application and related documents through the application system.

Open the system

Documents and information to be submitted* Notes
(to be filled in and submitted online, upon logging into the system)
Documents to identify a natural person When the application is submitted by an authorized person, not by the head of a legal entity.
Copy of a personal ID document of the head of a company  
The current corporate and governance structure, i.e. consistent information on all levels of the corporate and governance structure, as well as about all natural persons and legal entities on the specific levels of the company’s ownership and governance structure  
Document of free form, which indicates the relationship between the business entity and related companies  
Completed and signed questionnaire (declaration) for assessment of conformity with the “do no significant harm” principle (Annex No. 3 to the Description)

Instruction for completing the questionnaire
An interim set of financial statements for the past quarter of the current financial year if more than 40 calendar days passed from the start of the current quarter. In case less than 40 calendar days passed from the start of the current quarter, an interim set of financial statements for the quarter preceding the past quarter or equivalent documents, when a company operates for less than a year, must be submitted.  
Business plan**
In preparing the business plan, we suggest to follow the structure of the business plan recommended by Innovation Agency Lithuania.
Decision of a governance body of the business entity regarding the resolution to assign an amount necessary for the implementation of the project  
Detailed form of operational (financial) data  
Three certificates on refusal to finance the business entity from different financial institutions***. Certificates must be submitted after INVEGA has assessed the application Applicable in case of direct loans and when activities are not in defence and security sectors (to be submitted before a contract is signed)
Reasoned explanation of the changes in activities If the application is submitted repeatedly
Letter of a private investor on its intention to participate in the project If a private investor intends to grant a loan
Other documents To be submitted regarding project specifics

* Detailed explanations are given in Annex 4 to the Description.
** The business plan must describe the activities carried out and/or planned to be carried out, the current and forecast financial condition of the business entity, the proposal on the schedule of loan instalments and security for the loan, the description of investments and documents supporting the investments, if any. Forecasts (calculations) of financial activities must also be provided, reflecting the possibility of the business entity to make timely payments of all instalments under all current and future financial liabilities of the business entity throughout the entire term of the loan.
*** In all cases, at least one certificate must be submitted that is signed by a bank licensed in the Republic of Lithuania (or a branch of a foreign bank licensed in the EU or the European Economic Area, established in Lithuania) or an international institution, and at least one – signed by a financial undertaking.

Time limits

Signing of loan agreements will continue until 30 June 2026.

How much?

EUR 850 million is assigned for the financial instrument “Billion for Business”, co-financed from the Recovery and Resilience Facility.

  • The maximum loan amount is EUR 150 million for direct and subordinated loans and EUR 250 million for syndicated loans for one borrower or a group of its companies. In all cases, a loan from INVEGA or from INVEGA and private investors cannot exceed 80% of the project costs and at least 20% of the project costs must be covered by the borrower.
  • Relationship with the loans POKYTIS. If a loan for an investment project applied does not exceed EUR 10 million and it is in line with the activities and conditions of the financial instrument POKYTIS, such projects are financed under the terms and conditions of the financial instrument POKYTIS.
  • The number of loans is unlimited.
  • The maximum loan duration is 180 months.

How does it work?

In order to obtain a loan, one is to apply to INVEGA by submitting an application and related documents through the applications system.

Priority is given to project co-financing with other financial institutions or international financial institutions. For this purpose, INVEGA will approach financing parties indicated by the company. Such an approach does not create INVEGA’s obligation to grant financing and does not change the sequence of assessment of applications.

Projects must comply with “Do No Significant Harm (DNSH)” principle, which allow to determine whether an investment in economic activities does not cause big (significant) harm considering environmental goals (e.g. climate change mitigation, pollution prevention and control, protection and restoration of biodiversity and ecosystems, etc.).

Requirements for applicants

You can apply for a loan if:

  • You operate in the Republic of Lithuania.
  • You meet the minimum criteria for reliable taxpayers.
  • You are not an enterprise in bankruptcy, restructuring or liquidation.
  • At the time of the application, you are not an enterprise in distress, and you submitted a set of financial statements for the past financial year to the Centre of Registers.
  • 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 have not received state aid which has been declared unlawful and incompatible with the internal market by a decision of the European Commission and/or by the lender, or you have repaid the full amount of such aid, including interest, in accordance with the procedure laid down in the legal acts.
  • The applicant and its beneficiary or natural persons and legal entities, for whose benefit the loan will be used, are not subject to sanctions (any trade, economic or financial sanctions, embargoes or other restrictive measures).
  • The business entity, its head, a member of its administrative, management and/or supervisory bodies or a person having the business entity's authority to represent it, take decisions or exercise control, has not been found guilty and does not have conviction that has not expired and has not been cancelled.
  • You have no business relationship with legal entities registered in territories that, in terms of their jurisdiction, do not cooperate with the European Union in the field of application of internationally agreed taxes, and you do not have or do not intend to have transactions with legal entities registered in the target territories.
  • The business entity's risk and/or the risk of default on the loan is at the acceptable level of risk.
  • In the case of direct loans and activities not in defence and security sectors, you have provided evidence that you have no possibility of obtaining financing in the market.
  • You do not have or terminated trade obligations to natural persons and/or legal entities in the countries hostile to the Republic of Lithuania by 31 August 2022.
  • The business entity, project suppliers and contractors are not controlled by third parties.
  • The business entity, project suppliers and contractors are in line with the security provisions of 5G cybersecurity toolbox set out in the Communication from the European Commission of 15 June 2023 (applicable to projects investing in 5G communications).
  • You have provided all the required documents.

All the applicable requirements are detailed in the Description.

Interest of loans

Loans are granted at a variable annual interest rate, which is determined according to the directly applicable pricing methodology for loans granted by INVEGA directly and calculated by use of the interest rate calculator approved by an order of the CEO of INVEGA.

A detailed explanation of the interest calculation is available in the Description.