OREANDA-NEWS. March 25, 2011. Siauliu bankas AB have signed a cooperation agreement with the JEREMIE programme participant, venture capital fund LitCapital, reported the press-centre of Siauliu bankas.

The added value for goods and services created by SME is growing each year; therefore, the role of these enterprises becomes more important in the economy of Lithuania. The concluded agreement lays down not only provision of training services and consultations to corporate clients regarding the possibility to use financial support provided by the EU and more efficient absorbing of financing instruments, but also the facilitating access to the financial engineering instruments of JEREMIE programme implemented by the European Investment Fund.

“SME in large part determines the economy’s competitiveness and market growth. However, these enterprises often face the problem of financial recourses, necessity to receive additional financing and necessary information.” Siauliu bankas together with a partner will assist the businesses in searching for new financing possibilities, innovative changes in management and risk toleration structures. I believe that a common dialogue with entrepreneurs will encourage the enterprises to more actively participate in the programmes of SME, to become more flexible, more active as well as to increase competition, says Donatas Savickas, the head of finance and credit division of Siauliu bankas.

“At present we are able to offer the integrated funding opportunities to medium-sized enterprises: both in financing of share capital and in banking financing. Very often enterprises require multiple funding sources. While Siauliu bankas has strong positions in the field of banking financing of medium-sized enterprises. We are exactly working with such enterprises, states Sarunas Siugzda, the founder and senior partner of “LitCapital Asset Management” UAB.”

In cooperation Siauliu bankas and “LitCapital” also foresee joint conferences, exhibitions and employees training, distribution of information and publications.

According to the JEREMIE programme Siauliu bankas together with the EIF plans to grant loans to SME in the amount of LTL 138 million. A loan per enterprise amounts even to LTL 11 million and its duration is up to ten years. The funds of the Bank and EIF will be used in equal parts; financial risk will be shared in the same extent.

“LitCapital” fund has funds of LTL 69 million at its disposal and investment into one enterprise (share capital) is from LTL 2 to 10.4 million.

Siauliu bankas signed the agreements regarding the strengthening funding to SMEs with INVEGA UAB, Public Institution Lithuanian Innovation Centre and other partners.