Entrepreneurship Promotion Fund

Project information

Index: 1174R4
Acronym:DIFASS
Priority:1: Innovation and the knowledge economy
Sub Theme:Entrepreneurship and SMEs
Location LITHUANIA LIETUVA Vilnius Lietuva Start/End date of the practice
Start: August 2009
End: -

Topic of the practice

Support to SMEs

Good Practice Information

Set up with ESF funds the Entrepreneurship Promotion Fund is a microcredit loan scheme aimed at supporting start-ups and viable micro companies who have been trading for < 12months. Using ‘smart money’, loans are accompanied by help with Business Planning and access to optional training across a range of six key business skills units. The fund is delivered through a network consortium of 57 Credit
Unions, represented by the Lithuanian Central Credit Union which provides micro companies with additional benefits. Co-financing 10% of each loan, the Credit Unions provide microcredits to the companies for financing business start-ups or expansion.
Key aims are granting 1,200 micro credit loans to start-ups, train more than 5,000 individuals involved, and reserve a contingent for priority groups.

Evidence of success

In the first three years of the programme (August 2009-Oct 2012) 329 loans have been granted, with a total value of € 5,82M (€ 15M being the total budget of the programme). 3,405 individuals from the companies involved have been trained, which is already 70% of the target set to 5,000.
In addition 400 jobs have been created.

Contact details to obtain further information on the practice

Audrius Zabotka

Investment and Business Guarantees, Ltd. - INVEGA

audrius.zabotka@invega.lt

www.invega.lt

Annex completed on: 03-14-2013

As of 31 December 2015, this website is no longer updated. Follow news on interregional cooperation at www.interregeurope.eu