Šiaulių bankas begins granting the loans from EIF Assets


Šiaulių bankas begins granting the loans from European Investment Fund (EIF) for Small and Medium Business (SME).

Within two years Šiaulių bankas will grant the loans for more than LTL 138 million for Small and Medium Enterprises: the bank will allocate over LTL 69 million of its own funds, whereas EIF through Controlling Fund, established under the initiative of JEREMIE, will grant the same amount. In equal parts not only EIF and bank’s funds will be used but also financial risk will be divided.

“The loans from EIF and Šiaulių bankas are directed towards stimulation of economic activity and financing of SME. This line will expand the bank‘s financing sources and will facilitate the conditions for the enterprises to receive the additional assets, necessary for implementation of investment projects as well as increase of operating capital“, Deputy Chairman of  the Board of Šiaulių bankas Donatas Savickas stated.

The loans for one enterprise can not exceed LTL 1.4 million; the term can be from two to seven years, including provisions. Depending on payback of the project, the loan term can be extended up to ten years. The bank grants the loans in Litas and in Euro.

“We are glad that due to the common efforts business will have additional opportunities to borrow. We hope for entrepreneurs’ initiatives using this opportunity, because presently is the time to prepare for economic recovery and get ready to compete on local and foreign markets”, Dainius Kreivys, Minister of Economy of the Republic of Lithuania said.

Presently Small and Medium Enterprises registered in Lithuania shall submit their projects for the loans in all subdivisions of Šiaulių bankas.

In January this year EIF signed the agreement with Šiaulių bankas; in Lithuania EIF implements newly created financial instrument aiming at provision of loans of divided risk to SME’s and improving the conditions for them to receive the assets from external financing sources, i.e. using structural EU support for 2007-2013. For granting the loans of divided risk, among eight banks which participated in the contest EIF signed the agreements with three banks operating in Lithuania, among them with the only local capital bank - Šiaulių bankas. It is planned to grant the loans for more than LTL 1 billion from fund and the bank‘s assets within two years.