1. Interpreneurship Promotion Instruments
14 November, 2013
Vilnius

2. INVEGA – Investment and Business Guarantees, Ltd.
Established by the GoV, registered on 29 November 2001, supervised by MoE
State owned 100%, private limited liability company
Share capital – EUR 8.69 million
Liabilities under individual guarantees are calculated into State Debt of LT
40 employees
On 5 March 2004 counter-guarantee agreement with EIF under MAP
Since 2001 issuance of individual guarantees
Since administration of micro-crediting programmes
Since 2009 administration of Global Grant
Since 2009 manager of HFs (ERDF + ESF)
Invegos pristatymas turėtų būti labai trumpas: 5- 6 sakiniai. Visa ši informacija galėtų likti skaidrėse, tačiau reikėtų pasakyti tik esminius faktus, pvz., apie Invegos funkcijas.

3. Financial Instrument funded by National budget
Financial Instrument funded by ESF
Financial Instruments funded by
ERDF and reflows
Entrepreneurship Promotion Fund EUR 14.5m
INVEGA fund (HF)
EUR 199m
Micro credits
for SME
EUR 8m
Small credits
EUR 6m
Entrepre-
neurship Promotion
EUR 14.5m
Guarantee Fund - Individual guarantees
EUR 37.4m
Small credits_2
EUR 27.5m
Open credits fund
EUR 43.4m
FRSP
EUR 110m
FLPG
EUR 11.3m
CID
EUR 11.6m
BIF
EUR 20m
Enterpreneurship Promotion Subsidies
EUR 2.9 m
Global Grant First Employment
EUR 9.3 m
Global Grant
Compensation of interests
EUR 21.4 m
Individual guarantees

4. Financial instruments for SMEs under the management, EUR m

5. Number of services provided to SMEs, p.a.

6. Amount of financing provided to SMEs because of support through INVEGA’s measures, accumulated EURm

7. The “power” of co-operation
INVEGA
184 EUR m +
23,5 EUR m
>100 Financial Intermediaries
802 EUR m financing
>8’000 SMEs supported
962 EUR m investments
>4’700 SMEs supported
Economy, Growth, Employment

8. Financial Instrument funded by National budget
Financial Instrument funded by ESF
Financial Instruments funded by
ERDF and reflows
Entrepreneurship Promotion Fund EUR 14.5m
INVEGA fund (HF)
EUR 199m
Micro credits
for SME
EUR 8m
Small credits
EUR 6m
Entrepre-
neurship Promotion
EUR 14.5m
Guarantee Fund - Individual guarantees
EUR 37.4m
Small credits_2
EUR 27.5m
Open credits fund
EUR 43.4m
FRSP
EUR 110m
FLPG
EUR 11.3m
CID
EUR 11.6m
BIF
EUR 20m
Enterpreneurship Promotion Subsidies
EUR 2.9 m
Global Grant First Employment
EUR 9.3 m
Global Grant
Compensation of interests
EUR 21.4 m
Individual guarantees

9. Financial Instrument funded by National budget
Financial Instrument funded by ESF
Financial Instruments funded by
ERDF and reflows
Entrepreneurship Promotion Fund EUR 14.5m
INVEGA fund (HF)
EUR 199m
Micro credits
for SME
EUR 8m
Small credits
EUR 6m
Entrepre-
neurship Promotion
EUR 14.5m
Guarantee Fund - Individual guarantees
EUR 37.4m
Small credits_2
EUR 27.5m
Open credits fund
EUR 43.4m
FRSP
EUR 110m
FLPG
EUR 11.3m
CID
EUR 11.6m
BIF
EUR 20m
Enterpreneurship Promotion Subsidies
EUR 2.9 m
Global Grant First Employment
EUR 9.3 m
Global Grant
Compensation of interests
EUR 21.4 m
Individual guarantees

10. Entrepreneurship Promotion Fund
Holding Fund with measure – “Entrepreneurship Promotion”:
ESF from December 2009
term up to 31 Dec 2018
Budget: EUR 14.5m
FI: Consortium of 57 credit unions, represented by Lithuanian Central Credit Union
State aid scheme: de minimis (restricted sectors: under de minimis rules
Responsible ministry: MoSa
Holding Fund with measure – “Entrepreneurship Promotion” (ESF):
ESF from December 2009
term up to 31 Dec 2018 – iki šios datos reikėtų grąžinti paskolas? Reikėtų papildyti, iki kokios datos paskolos išduodamos?
In December on 29 was signed a contract between Invega the ministry of finance and ministry of social security and labour of the Republic of Lithuania. With this contract was founded a new financial engineering measure “Enterpreneurship promotion” under Jeremie initiative financed from European Social Fund in Lithuania. The budget of Fund is 15 milion EUR. Co-operation agreements with Consorcium of 57 Credit Unions was signed ons 30th of July Credit Unions have a wide range of servise departments all around the country. They are socially concerned to raise the level of the economy and help people who are most in need of financial help. So all Enterpreneurship facilitation fund loans are made through credit unions across the country.

11. Entrepreneurship Promotion Fund
Main terms of microcredits:
For start-up SMEs (legal entities and individuals) – operating < 1 year
Up to LTL 86k (EUR 25k) for one credit per SME
Up to 90% financed by ESF and 10% by credit union
Credit union’s interest rate – < 3.49%
Compensation of 95% of interest paid

12. Priority Groups Unemployed Disabled Young people under 29 years old
People over 50 years of age
The measure aims to tackle unemploying problems. It consists of set of combination of finansce and facilitation actions aiming to promote self employment andd entrepreneurship.
The measure is socialy oriented in a sense it prioritizes unemployed, disabled, young people under 29 years old and people of more than 50 years age who find it very dificult to find a jod.

13. Conducted trainings Business Plan creating
Accounting Management and Tax Basics
Business and Labor Law Basics
Business Management Basics
Marketing Basics
Human Resources in Business
Trūksta informacijos apie konsultavimą.
As I note earlier, this is not only financial measure but also it paralel conduct with trainnings.
Central Credit Union organize six training modjuls in which people can learn Basics of Acounting management and tax, business and labour laws, business management, marketing, human resources in business and also they can learn how to create a business plan which is needed to get a loan from Credit Union.

14. Implementation of EPF Activities Date
Signature of the threerateral agreement between MoSA, MoF and INVEGA
30 Dec 2009
International Public procurement launched
31 March 2010
Agreement between INVEGA and Consortium of CU signed
30 July 2010
First trainings started
20 Sept 2010
First loan issued
8 Nov 2010
This is a graph showing the development of measure. After that when in 2010 International Public procurement was lounched on 30th of July was signed agreement between Invega and Consorcium of Credit Unions.
First trainings started on 20th of September and first loan issued on 8th of November.

15. Results achieved Target Results as of 31-07-2013 Implementation, %
Number of individuals attended the trainings
4500
3552
78%
Number of loans disbursed
1200
536
45%
Amount of loans disbursed (ESF), EUR m
12.2 9
74%
Number of jobs created
1000
1091*
109%
This is a graph showing the development of measure. After that when in 2010 International Public procurement was lounched on 30th of July was signed agreement between Invega and Consorcium of Credit Unions.
First trainings started on 20th of September and first loan issued on 8th of November.

16. Financial Instrument funded by National budget
Financial Instrument funded by ESF
Financial Instruments funded by
ERDF and reflows
Entrepreneurship Promotion Fund EUR 14.5m
INVEGA fund (HF)
EUR 199m
Micro credits
for SME
EUR 8m
Small credits
EUR 6m
Entrepre-
neurship Promotion
EUR 14.5m
Guarantee Fund - Individual guarantees
EUR 37.4m
Small credits_2
EUR 27.5m
Open credits fund
EUR 43.4m
FRSP
EUR 110m
FLPG
EUR 11.3m
CID
EUR 11.6m
BIF
EUR 20m
Enterpreneurship Promotion Subsidies
EUR 2.9 m
Global Grant First Employment
EUR 9.3 m
Global Grant
Compensation of interests
EUR 21.4 m
Individual guarantees

17. Entrepreneurship Promotion Subsidies
Global Grant instrument
Amount: EUR 2,89 m.
Applicants: Loan borrowers of the Entrepreneurship Promotion Fund
Subsidies:
EUR 7240,5 if the applicant belongs to a priority group (youth till 29 years of age, unemployed, disabled, persons senior than 50 years of age). The applicant status is determined on the date of submission to a credit union of the application to receive the EPF loan;
EUR 5792,4 if the applicant does not belong to a priority group;
to compensate partially an employee(s) salary costs a month's fixed fee of EUR 379,9 has been set.
the amount of costs eligible to finance per employee working with the applicant under an employment contract is calculated multiplying the fixed fee (EUR 379,9 ) by the number of calendar months, for which the employee's calculated salary before taxes (gross salary) is not less than the minimum monthly wage, and multiplying by 75 percent of the financing rate.
Responsible ministry: MoSa

18. Financial Instrument funded by National budget
Financial Instrument funded by ESF
Financial Instruments funded by
ERDF and reflows
Entrepreneurship Promotion Fund EUR 14.5m
INVEGA fund (HF)
EUR 199m
Micro credits
for SME
EUR 8m
Small credits
EUR 6m
Entrepre-
neurship Promotion
EUR 14.5m
Guarantee Fund - Individual guarantees
EUR 37.4m
Small credits_2
EUR 27.5m
Open credits fund
EUR 43.4m
FRSP
EUR 110m
FLPG
EUR 11.3m
CID
EUR 11.6m
BIF
EUR 20m
Enterpreneurship Promotion Subsidies
EUR 2.9 m
Global Grant First Employment
EUR 9.3 m
Global Grant
Compensation of interests
EUR 21.4 m
Individual guarantees

19. Support for the first job
Programme budget: EUR m.
The programme term: up to 30 Sep 2015
Compensation: fixed part of a salary of an employee (i.e. 23.3% of a salary calculated)
Young emplee: a young person, 16 to 29 years of age, employed for the first time, with no previous work experience under employment contract
Manager of instrument: INVEGA
Number of decision: 7 236
Responsible ministry: MoSa

20. Number of services provided to SMEs, p.a.

21. Contacts Follow INVEGA on
UAB „Investicijų ir verslo garantijos“ (INVEGA)
Konstitucijos pr. 7 (16th floor), Vilnius, Lithuania
Tel , fax
to:
Follow INVEGA on