To foster business the Bank is offering to use the funds from the Open Credit Fund
Giving top priority to funding of small and medium-sized business Šiaulių bankas and “Investment and Business Guarantees” (INVEGA) signed an Open Credit Line Agreement, according to which the Bank will be able granting credits to SMEs from the Open Credit Fund.
Šiaulių bankas shall receive up to 75 per cent from the amount of credit to the customer while the remaining quarter of it the Bank will assign from its own funds.
“The biggest loan granted per company from the Open Credit Fund can reach even up to two million litas, however we plan distributing a bigger number of smaller credits, thus, contributing to funding of small and medium-sized business in the country”, - said Deputy Chief Executive Officer, Head of Corporate and Retail Banking Division Daiva Kiburienė.
In accordance with the signed agreement Šiaulių bankas is to grant credits to very small, small and medium-sized companies that will be able to use the received funds for investments or supplement their working capital. The period of credit does not exceed five years, however, there is an opportunity to extend it for one more year. Within the period of 12 months not more than two such credits can be granted per company.
The Open Credit Fund, which is administrated by the INVEGA, consists of LTL 100 million from the European structural funds. Loans from the Open Credit Fund are granted in litas only.