Šiaulių bankas has a New Credit Line to Finance SMEs

2007-03-21

Šiaulių bankas has signed an agreement with the Council of Europe Development Bank (CEB) regarding the credit line granting in the amount of EUR 10 million.

The new credit line granted to Šiaulių bankas by the Council of Europe Development Bank (CEB) earmarked for the funding of small and medium-sized enterprises (SME) as well as for the financing of their investments. Loans are intended to be granted applying generally accepted terms and steady procedures. This is already the third loan agreement between the Council of Europe Development Bank and Šiaulių bankas.

CEB’s Vice Governor, Mr. Apolonio Ruiz-Ligero maintained that “The Council of Europe Development Bank seeks fostering social cohesion, to help the EU member states achieve sustainable and equitable growth. The creation and maintenance of jobs is one of the most important objectives of the bank in this respect. Over the past years, Siauliu Bankas has demonstrated its professionalism and, through the placement of CEB credit lines, contributed to the creation or maintenance of over 2 300 jobs and fulfilled all the commitments. Our bank is satisfied with its co-operation with Šiaulių bankas as common activities allow both financial institution to share social objectives in terms of job creation and support to less developed regions”.

EUR 10 million credit line schedules flexible loan granting conditions. Credits are to be available for business people operating in various service and production fields who are going to be provided with comprehensive information and recommendation regarding lending and leasing opportunities.

“Šiaulių bankas always actively participates implementing small and medium-sized business development strategy because our goal is to increase the competitiveness in Lithuanian business and to create favourable terms for the establishment of new companies as well as for modernization of the existing ones. The new credit line granted by the Council of Europe Development Bank will enable more concentrated fostering of the reasonable usage of local and human resources as well as installation of modern technologies and will allow furthering of more rapid economical development in all the regions of Lithuania”, - says Deputy Chairman of the Board of Šiaulių bankas Donatas Savickas.

The Council of Europe Development Bank and Šiaulių bankas have been co-operating for five years already. In 2003 CEB granted Šiaulių bankas with the credit line in the amount of EUR 1 million, which was earmarked for enterprises run by women or to the companies establishing jobs for women. Several years later CEB and Šiaulių bankas signed the agreement for small and medium-sized business funding.