Loans for starting a business
Loans for starting a business – microcredits
The Ministry of Social Security and Labour is carrying out a financial instrument “Entrepreneurship Promotion Fund 2014 – 2020”, which is financed by EU structural and investment funds. Under this incentive, loans may be granted (up to 25 thousand Euros) for business start-ups, along with various relevant consultations.
Why is this useful?
Loans under the instrument Entrepreneurship Promotion Fund 2014–2020 2 (EPF2) help natural persons or micro and small companies to get funds in order to establish or develop a business (up to 1 year since the entity’s registration).
Who can apply?
Micro and small companies, natural persons working under a business license or self-employed, who meet the requirements outlined by the small and medium business laws. Also, people intending to set up a business and recently established entrepreneurs (up to 1 year since entity’s registration).
What is the maximum amount?
The maximum loan amount – EUR 25.000 with a maximum loan term of 120 months. Maximum interest rate – 3-month EURIBOR (only for 10% of the loan) + a fixed interest margin of 3% (margin of the credit union).
How does it work?
Applications are required to be submitted to the credit unions (LCCU contacts can be found here). Document forms are available on the website of the Lithuanian Central Credit Union (LCCU) (in Lithuanian). In need of assistance with the business plan, the applicant can register for a consultation (see contact link above). In case the guarantee lack, the credit union can apply to INVEGA for in individual guarantee.
More information can be found here:
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