OREANDA-NEWS. June 02, 2010. Siauliu bankas with its priority to financing small and medium enterprises last year was the most active partner of Investiciju ir verslo garantijos AB (INVEGA), reported the press-centre of Siauliu Bankas.

For the granted loans by Siauliu bankas INVEGA issued the largest number of guarantees between all the banks - even 177, i.e. by one-fifth more than the bank received the guaranteed loans in 2008.

Last year INVEGA issued guarantees in total for 519 SME entities loans, which sum comprised LTL 146.7 million, whereas, the guarantee sum - LTL 105.7 million. Siauliu bankas‘ portion comprised more than one third of the common loans’ portfolio (34.1 per cent) for which INVEGA issued guarantees. INVEGA guarantees were mostly used by the clients of Siauliu bankas, who are engaged in production of metal manufactures, furniture, providing car service as well as consulting. The most active entrepreneurs were of Vilnius, Kaunas and Panevezys districts.

„Cooperation between Siauliu bankas and INVEGA provides the bank’s clients with important instruments for stimulating entrepreneurship and economic growth as well as dealing with the employment aspect. In addition to the received guarantees the entrepreneurs are able to use the other financial support provided by INVEGA - up to 50 per cent of investment and circulating loans interest can be compensated for them“, stated Daiva Kiburiene, Deputy Chief Executive Officer and Head of Corporate and Retail Banking Division.

„Big number of issued guarantees by INVEGA shows that currently, when SME actually is facing difficult times in Lithuania“, the state guarantees are one of the best SME crediting risk-limiting factors“, said Gintautas Vilkas, Deputy Director General of INVEGA.

Since 2009 Investiciju ir verslo garantijos UAB issues up to 80 per cent of guarantees for SMEs taking out loans not only for investments, but also to supplement circulating assets. The compensated part of the loan by INVEGA may turn out to be less depending on the need of guarantee, loan‘s recipient as well as risk of implemented project. Guarantee loans can be obtained by the enterprises, where up to 250 employees are working as well as natural persons are engaged in business.