#JunckerPlan in #Lithuania – Vilnius Factoring Company to issue €10 million in new microloans with EIF support

| August 28, 2019

Vilnius Factoring Company, a private lending company in Lithuania, has signed an agreement with the European Investment Fund (EIF) to issue microloans of up to €25,000. Micro-enterprises and farmers in Lithuania can now benefit from non-banking funding opportunities under the EU Programme for Employment and Social Innovation (EaSI). The company is issuing microloans up to a total of €10 million with a guarantee from the EIF. The agreement is backed by the Juncker Plan’s European Fund for Strategic Investments, which allows the European Investment Bank Group to invest in more projects that often come with greater risks. Marianne Thyssen, European Commissioner for Employment, Social Affairs, Skills and Labour Mobility, said: “Thanks to this financial support from the EU, more micro-entrepreneurs in Lithuania will gain access to finance. This will allow them to start up or develop their business, creating more jobs and opportunities at grassroots level. I warmly welcome this agreement which, once again, shows that, through our programme for employment and social innovation, the EU can take concrete action to tackle financial and social exclusion. This agreement brings us one step closer to building a fairer and more social Europe.” The funds can be invested in either the company’s working capital or its business development. More information can be found in this press release. As of July 2019, the Juncker Plan has mobilised €424 billion of additional investment, including €1.6 billion in Lithuania. The Plan is currently supporting 967,000 small and medium businesses across Europe.

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