INVEGA provided more than EUR 400 million of financial aid to businesses through various COVID-19 measures during the two years of the pandemic

Since the start of the pandemic on 16 March 2020, the financial assistance provided by the national development institution Investicijų ir verslo garantijos (hereinafter referred to as INVEGA) to businesses amounts to more than EUR 1 billion. Of these, more than EUR 400 million of funding was made through the COVID-19 aid measures. Since the beginning of the pandemic, INVEGA has offered businesses 9 different measures from the COVID-19 aid package to help address the financial challenges that have arisen in business as a result of this crisis.

The first year of the pandemic was very intense for INVEGA. We learned a lot of lessons, and time became the biggest challenge for us. We could not delay, let alone calmly observe what was happening in the market, so we actively analysed the needs of the business and tried to ensure that all measures reached the business quickly and efficiently.

"The first year of the pandemic was very intense for INVEGA. We learned a lot of lessons, and time became the biggest challenge for us. We could not delay, let alone calmly observe what was happening in the market, so we actively analysed the needs of the business and tried to ensure that all measures reached the business quickly and efficiently. The second year of the pandemic was the same. We could not relax and were looking for the best solutions for business, taking into account the experience we already had accumulated during the first years", says Kęstutis Motiejūnas, Chief Executive Officer of INVEGA.

Kęstutis Motiejūnas, Chief Executive Officer of INVEGA

Out of the total financing amount of more than EUR 1 billion granted to the business, almost EUR 386 million reached the business in 2020, and EUR 44 million in financial aid in 2021, through the Covid measures alone.

In 2021, as in 2020, the largest part of the provided financing reached the business in the form of loans. In the second year of the pandemic, INVEGA's measure "Direct COVID-19 Loans" received the most attention. During the first phase, under the "Direct COVID-19 Loans" measure, businesses were financed with loans for almost EUR 35 million. The granted loans were intended to reduce the impact of the pandemic and to finance the operating costs of businesses affected by COVID-19. Meanwhile, according to INVEGA, another direct lending measure "Loans for Travel Service Providers", in 2020 and 2021, the business reached a total of more than EUR 19 million worth of financing.

In both the first and the second year of the pandemic, the business could use the COVID-19 aid measure "Guarantees to Secure Fulfillment of Obligations of Travel Services Providers". Since the beginning of the measure, insurance companies and financial institutions have already been given guarantees for almost EUR 6 million for tour operators. Businesses can still use this measure until 30 June 2022.

The rent compensation measure renewed in 2021 attracted no less interest. The " Compensations to self-employed persons for rent and related costs" measure could be used by entrepreneurs conducting activities based on an individual activity certificate or a business licence. Entrepreneurs were compensated for their rent expenses for almost EUR 3 million. The business could also take advantage of the "Compensation of COVID-19 Testing for Employees" measure. Through this measure, businesses received EUR 420,000 of compensation for employee testing.

"Businesses that are still feeling the impact of the pandemic and are not getting loans on the market are invited to apply to INVEGA without delay and apply to INVEGA under the updated measure "Direct COVID-19 Loans" and borrow funds if they lack working capital or have investment projects planned," says Kęstutis Motiejūnas.

In addition to measures for businesses affected by the pandemic, INVEGA continues to provide long-term financing measures for businesses and is looking for the best solutions and is preparing to offer new measures, which will also be announced on the INVEGA website.