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Commission and European Investment Fund provide financial boost to small agricultural businesses in Lithuania

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Through the EU programme for Employment and Social Innovation (EaSI), the European Investment Fund together with the private equity fund Helenos is investing €3 million to strengthen the lending capacities of the Lithuanian Central Credit Union (LCCU). The LCCU has a strong social mission, serving clients that usually have limited access to traditional finance, such as small and micro-sized agricultural companies in rural areas.

It also explicitly supports start-ups, for instance through dedicated business advice, and has a wide regional outreach with its 45 credit unions covering the entire country. Jobs and Social Rights Commissioner Nicolas Schmit said: “The past months have shown us how important it is to invest in our local economies and support small businesses hit hard by the COVID-19 pandemic. Therefore, I welcome this agreement under the EU Programme for Employment and Social Innovation which will enable the Lithuanian Central Credit Union to provide financing to even more microenterprises in Lithuania's agricultural sector, as well as offering them crucial advisory services.”

The press release is available here.

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