Šiaulių bankas and “Business Angels Fund I” will cooperate by stimulating small and medium-sized enterprises

2011-07-01

Šiaulių bankas and a limited partnership “Business Angels Fund I”, investing together with the Business Angels, signed a cooperation agreement.

Under this agreement, the Bank and the Fund will cooperate by implementing the new and improving current financial services of small and medium-sized enterprises (SMEs) and will concentrate on stimulation of entrepreneurship and innovations in the regions.

“By gradually recovering from the recession business is facing new needs. We also see and understand this, thus, we wish to provide possibilities for small and medium-sized enterprises not only to receive financing or consider other financial matters but also provide useful advices, share the gained experience, stimulate the enthusiasm of investors and skills of heads - together with the “Business Angels Fund” will be able to make this particularly well”, says Audrius Žiugžda, the Chief Executive Officer.

“We are ready to cooperate with all the Lithuanian banks, but in our opinion, Šiaulių bankas is the leader financing small and medium-sized enterprises in Lithuania. In particular, this sector is also the axis of our activity”, says a partner of “Business Angels Fund I” Algimantas Variakojis. - Till the conclusion of the agreement we together with the bank organized seminars on business financing issues, consulted entrepreneurs and organized joint projects. We appreciate that the bank deals with all the problems on a timely basis. I consider that with the assistance of Šiaulių bankas the projects, which value is several times or even more than ten times bigger than the projects, which we financed so far, are becoming accessible to us - all of this provides new possibilities to our Fund and Business Angels.”

Together with Business Angels, having the experience in business development and realization of the investment, Šiaulių bankas will consult the customers on the issues of JEREMIE programme absorption and financing of projects prepared by EU in its outlets of all cities and towns free of charge, will jointly assist new enterprises, will organize trainings and seminars to local entrepreneurs, will participate in exhibitions, conferences and other business events.

According to A. Žiugžda, this initiative is the forms of “soft” assistance to business, which will form favorable conditions to entrepreneurs to receive additional information and assess their activity possibilities in the market, also to gain the necessary business know-how and expand relations with clients and investors, which are vital for company’s success.

Some time before - on March this year, seeking to strengthen dialogue with the small and medium-sized enterprises, Šiaulių bankas signed the agreement with one more participant of JEREMIE programme - Venture Capital Fund “LitCapital”.

About Šiaulių bankas
Šiaulių bankas controlled by the Lithuanian investors and the European Bank for Reconstruction and Development (EBRD) directs its activity towards the SME and provision of financial services to individuals. Šiaulių bankas is one of the banks having the largest share of Lithuanian capital in the country: companies registered in Lithuania and individuals possess 71 per cent of the Bank’s authorised capital.
The Bank possesses 52 territorial outlets operating throughout the Lithuania.

About “Business Angels Fund I”
Venture Capitalist “Business Angels Fund I” is one of the participants of JEREMIE programme. European Investment Fund (EIF), which is implementing the JEREMIE initiative, financed from structural funds of European Union and national funds according to the program of economy growth activities for the years 2007-2013, is the founder of the Fund. “Business Angels Fund I” together with the Business Angels are investing to capital of small and medium-sized enterprises in Lithuania in equal share. Investments per enterprise can amount from LTL 173 000 to 1 381 000 LTL.