Business transfer institutions Lithuania
Public Institution Lithuanian Business Support Agency (LBSA) is a non-profit institution established by the Ministry of Economy for the purpose of administering European Union (EU) support and co-financing funds. As the executive institution in the structure for the administration of EU funding in Lithuania, LBSA administers EU funding granted for the development of Lithuanian business, R&D, tourism, and the energy sector.
Business transfers can be also financed by commercial banks, credit unions, investment firms and other financial or credit institutions.
“Invega “ (National promotional institution) through the application of innovative and effective financing models and instruments designed to provide financial and other services to businesses. Invega manages financial instruments designed to help with starting up or expanding a small or medium-sized business, i.e. soft loans, loan guarantees, interest rate subsidies, and support for the first job. The Entrepreneurship Promotion Fund instrument offers the best conditions for newly established and young businesses. Invega cooperate with the banks, that grants loans from the Open Credit fund towards for business development (both investment and working capital loans). Invega also helps facilitate access to finance for SMEs by guaranteeing to financial intermediaries the repayment of up to 80% per cent of the first loan part. The bank secures the repayment of the remainder of the loan with collaterals offered by the enterprise
Through the subsidy schemes (Global Grant measures). Invega subsidise for companies portion part of the interests paid. Businesses can make use of the opportunities offered by the Interest rate subsidies instrument to cover up to 95% per cent of the interests paid on loans both guaranteed and not guaranteed by Invega.
Support for the First job provided for employers companies on the employees who employed for the first time, workers with no prior work experience. may be reimbursed some of the salary costs Part of the salary costs associated with the first-time employed young person (up to 23.3 per cent from the salary calculated). are reimbursed.
Special support programmes for training and mentoring on including business transfers topics, are not available in Lithuania eitheramong subsidy measures administered by INVEGA, however such mentoring/training topics are not so popular yet.
Invega is the main public investor into the private equity, venture and early stage capital funds. Invega also has the daughter company UAB “Kofinansavimas”, that is managing several Co-investment funds, investing alongside business angels into start-ups and growing SMEs, commercialisation of ideas generated in scientific and research institutions through the implementation of research, development and innovation (R&D) activities.
Financial support can be received only for general business consultations according to EU structural assistance measures. But they are targeted at other aims of business development more.
A certain proportion of EU structural assistance is used to finance public services for business.
Agency for Science, Innovation and Technology (MITA)
It is the main governmental institution, responsible for implementation of innovation policy in Lithuania.
MITA provides free of charge services for clients from business, science and public sectors, interested in possibilities to develop strong cooperation relations with international partners and get financial support for research and innovation projects.
The main activity is the coordination of national activities and international programmes (HORIZON2020, EUREKA, EUROSTARS) of research, technological development and innovation and other financial schemes (innovation vouchers, protection of industrial property rights). MITA provides national financial support for projects participants.
MITA also promotes business and science cooperation, commercialization of research and protection of intellectual property rights.
Public Company “Versli Lietuva“(Enterprise Lithuania) has been playing a considerable role in business consultations and search for business partners. It is a non-profit agency under Ministry of Economy established to promote entrepreneurship, support business development and foster export. Enterprise Lithuania is a reliable adviser and assistant for start, growth and export of national businesses with focus on SME’s.
Below is a visual respresentation of the Regional business transfer support cooperation structure – Structure – Info LEU