Šiaulių bankas comes to assistance of growing enterprises


Carrying a title of small and medium-sized business Šiaulių bankas organizes a factoring campaign until the end of the summer in pursue to support growing small and medium-sized enterprises and foster them to become more competitive and attractive.

Until August 31st Šiaulių bankas is offering exceptionally favourable conditions and reduced fees applied to banking services to small enterprises entering into factoring agreements in litas or euros. Since now the enterprises performing financial operations via the e-banking system SB linija will pay less for the money transfer between their accounts with the bank and to other banks as well. Depending on a deposit amount balance on the bank account clients will be paid up to 2.5% of annual interest, moreover, LTL 1 will be charged for the administration of funds transferred to a client’s account in litas when a payer’s account is with other bank registered in Lithuania while in foreign currency transfers in terms of this service will be free of charge.

“Factoring enables small businesses to acquire turnover funds assuring everyday ongoing activities of the company and balancing cash flow. Such a banking service may become an effective support to small rapidly growing enterprises that wish to postpone their payments”, - says the Head of Corporate and Retail Banking Division Daiva Kiburienė.

Šiaulių bankas will additionally encourage new enterprises established during the campaign time that are to enter factoring agreements, they will be granted with the “Omnitel” company’s discount coupons.

Factoring becomes more and more popular type of funding all over the world. It guarantees company’s liquidity, reduces financial risks, allows businesspeople gaining additional turnover funds not mortgaging any other assets, actually, it is a transfer of monetary demand to the bank incurring after sales of goods or service, in other words, it is a special short-term loan.

During the first quarter of this year Šiaulių bankas has earned LTL 9.2 million in net profits, i.e. 53% more in comparison with the same period last year. In compliance with the data of the first quarter of 2007 the bank’s assets comprised LTL 1.5 billion while loan portfolio reached LTL 992 million.