• Structure and contacts
  • Structure
  • Contacts
  • Managment
• Activities
  • Directions of activity
  • Raports
• Services
  • Issuance of Guarantees
    • Issuance Conditions
  • Partial Financing of Loan Interest
  • Soft loans
    • Administration of small loans
    • Administration of Microcredits
    • Open Credit Fund
    • Entrepreneurship Promotion Fund
  • Guarantees for the modernisation of multi-dwelling buildings
  • Export Credit Guarantees
• Links
  • Banks of the Republic of Lithuania
  • Public Authorities
  • Interest rate, currency/exchange rate
  • Foreign partners

What is the Entrepreneurship Promotion Measure and how is it implemented?

Purpose of the Entrepreneurship Promotion Measure is to create conditions for micro and small enterprises and natural persons to start their own business and for social enterprises to develop their business using the financial engineering instrument promoting thereby the entrepreneurship and self-employment and creation of new jobs. The implementation of this Measure (loan granting and (or) subsidies) will be combined with training and consulting as well as assistance in preparing and implementing business plans for business start-ups.

In implementing the Measure “Promoting Entrepreneurship” under the Operational Programme for Human Resources Development (hereinafter the Measure) the Entrepreneurship Promotion Fund is being established appointing the manager of the Fund who will select by way of public procurement the manager(s) (financial institution) of the financial engineering instrument for granting loans and (or) subsidies to micro and small enterprises, natural persons, business start-ups and social enterprises developing business, combining with training and consulting of business start-ups.

On 30 December 2009 the Ministry of Social Security and Labour (MSSL), Ministry of Finance (MF) and UAB “Investicijų ir verslo garantijos” (INVEGA) signed the trilateral Agreement on the Establishment of the Entrepreneurship Promotion Fund. INVEGA was appointed the manager of this Fund.

Training and consulting activities will be implemented in several phases*:
1. Assessment of the entrepreneurial skills of the individual. Individuals without entrepreneurial knowledge and experience will benefit fro general training (e.g., on the setting up of enterprises, preparation of the business plan, financial accounting, etc.).
2. Consultations on the preparation of business plans.
3. Consultations for borrowers and business start-ups.

*Training and consulting activities are optional. If it is established that an individual has entrepreneurial knowledge and experience, such individual having prepared a business plan independently may directly apply for a loan.

Loan granting conditions

Borrowers:
1) natural persons willing to start business;
2) registered and operating for no longer than one year: micro, small enterprises and natural persons engaged in the individual activity or activity which requires a business certificate:
micro and small enterprises means enterprises defined in the Commission Recommendation 2003/361/EC and the Law of the Republic of Lithuania on Small and Medium-sized Business Development implementing it;
- natural persons engaged in the individual activity or activity which requires a business certificate means businessmen as defined in the Law of the Republic of Lithuania on Small and Medium-sized Business Development.
3) social enterprises developing business:
social enterprises means social enterprises as defined in the Law of the Republic of Lithuania on Social Enterprises.

Eligible activity areas: all activity areas shall be eligible, excluding the exceptions established in Article 1(1) of Commission Regulation (EC) No 1998/2006 of 15 December 2006 on the application of Articles 87 and 88 of the Treaty to de minimis aid.