Šiaulių bankas shall lend to business 20 million euros more


Šiaulių bankas and the European Investment Fund (EIF) have signed the extension of the collaboration agreement. According to the agreement it is foreseen to assign EUR 20 million (LTL 69,06 million) additionally to finance various projects of small and medium-sized business.

Implementing the risk sharing lending facility under the JEREMIE initiative, which is funded from the structural funds of the European Union as well as from national funds in compliance with the Economic Growth Action Programme 2007 - 2013, over the four-year period Šiaulių bankas has already lent a total amount of EUR 80 million (LTL 276,23 million) to small and medium-sized companies - the half of this amount is comprised of Šiaulių bankas’ funds.

 „The long-term collaboration with the European Investment Fund and success of the JEREMIE initiate evinces that this partnership meets the needs and expectations of our clients and allows the bank improving the funding conditions, developing the relations with the potential customers, strengthening the bank‘s position within the market and fostering the entrepreneurship of the country’s economy. In terms of the economy’s slowdown it is very important that these loans are available to business undertakings engaged in various sectors of economy in any region throughout the country”, - says the Chief Executive Officer of Šiaulių bankas A.Žiugžda.

„We are satisfied to extend the collaboration agreement with Šiaulių bankas granting risk sharing loans  -  this will allow the bank to  keep increasing the volume of lending to small and medium-sized business, thus, strengthening the economy of Lithuania“, - stated Graham Cope, Head of Northern Europe, EIF.

The European Investment Fund and Šiaulių bankas AB concluded the collaboration agreement regarding lending to small and medium-sized business in January 2010. At the end of September 2012 under the mentioned agreement Šiaulių bankas has already granted nearly 200 loans amounting EUR 40 million (more than LTL 138 million) in total.


About Šiaulių bankas
The biggest shareholder of Šiaulių bankas is the European Bank for Reconstruction and Development run by 63 states, The European Union (EU) and The European Investment Bank (EIB). Šiaulių bankas focuses its activities on small and medium-sized business and rendering of financial services to private customers. The Bank operates through 54 regional outlets throughout Lithuania.

About the EIF
The key mission of the EIF is to facilitate the funding to micro, small and medium enterprises all over Europe. The EIF creates and develops special instruments of venture capital and guarantees for this segment of market.  Thus, the EIF implements its objectives to foster innovations, applicable researches and development, entrepreneurship, growth and employment.

About the JEREMIE
JEREMIE (Joint European Resources for Micro to Medium Enterprises) is a joint initiative of the European Commission (DG Regional Policy) and European Investment Bank Group, the purpose of which is to improve the possibilities of companies to receive the external funding sources using the funds from the structural aids of the European Unionfor the year 2007 - 2013.JEREMIE allows the EU member states and regions taking advantage of the portion of the foreseen structural funds and national resources for flexible and innovative funding of SMEs.