INVEGA manages soft loan financial instruments financed by the European Structural and Investment Funds (ESIF) and resources returned allowing small and medium-sized enterprises (SME) to start or expand of their activities. Different types of loans provided by financial institutions are offered under different conditions. The best option to enhance SME’s access to finance is chosen according to the amount of the financial support needed and payment provisions.
The instrument is intended for entrepreneurs who intend to start or expand their business operating for a period of at least 1 year. Under the instrument, soft loans up to EUR 25,000 are granted and free consultations are provided. Having received the support provided under this instrument, borrowers can benefit from the compensation instrument Business Start-up Subsidies and receive a compensation of labour costs for each employee.
The maximum amount of financing per soft loan intended for business start-up and development amounts to EUR 600,000. Soft loans under OCF2 are available together with the Invega guarantee and partial recovery of the paid interest. These soft loans are provided by the Lithuanian Branch of AS Citadele Banka or Medicinos Bankas. Medicinos Bankas provides leasing transaction services as well.
RSL are based on the principle of lending. To implement this financial instrument, the funds allocated to the RSL instrument and the private funds of the RSL Instrument Manager are used by sharing risk with the proportion of 45:55, under which the RSL Instrument Manager contributes by 55 per cent of its own funds to 45 per cent of the RSL loan/credit line share. The number of loans per SME is not limited. Funding under this instrument in the form of a loan or credit line is provided and the documentation is prepared by the RSL instrument managers, namely, AB Šiaulių Bankas and AB bank Swedbank, pursuant to their internal regulations and procedures.
Crowd funding loans are suitable for those who intend to borrow through crowd funding platforms. The total amount earmarked for financing of Avietė loans is EUR 4,615 million of the funds repaid and/or to be repaid to the INVEGA fund. The maximum amount per loan is EUR 10,000 and funding can be provided up to 40 per cent of the total loan amount. A loan may be granted for a period not exceeding 36 months and it is intended to finance both investments and circulating capital, except for the refinancing of financial obligations, financial activities and residential real estate.
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. The maximum loan amount is EUR 1000,000. One loan may be granted to one borrower under the instrument.
Loans for payable invoices (hereinafter referred to as ASAP loans) allow small businesses to mitigate the effects of the COVID-19 pandemic, which can spread through payment chains and result in their disruption, and to help maintain the continuity of business operations of trade credit recipients. The minimum unpaid invoice amount is EUR 500 (including VAT). The maximum ASAP loan amount is 500 000 EUR.
Loans are granted under the incentive financial instrument Alternative, which enables small and medium-sized enterprises (SMEs) to obtain the necessary financing for their business through alternative financing providers. Loans may be granted to finance the SME’s investments and / or to supplement the working capital shortage provided that such financing relates to the start-up of a new activity of the SME or to the maintenance, strengthening or development of the existing activity.