INVEGA fund measures financed by EU structural and investment funds and national funds due to which SMEs can obtain the necessary funding.
Access to finance has been a long-standing issue for business creation and development in Lithuania. This issue became even more visible in the context of global crisis. In order to support business, a number of public-private partnership measures were introduced to the market, including support for business creation. Therefore, INVEGA fund was delivered among other financial instruments.

INVEGA fund is managed by JSC Investment and business guaranties (INVEGA). The Fund is implementing the Measure "Holding Funds" under Priority 2 "Increasing business productivity and improving business environment" of the Operational Programme for Economic Growth (OPEG). INVEGA Fund was set up by the Trilateral Agreement on Financing signed between the Ministry of Economy, the Ministry of Finance and INVEGA on 7 April 2009 in implementing JEREMIE initiative. JEREMIE is the initiative of the European Commission (Directorate General for Regional Policy), the European Investment Bank (EIB) and the European Investment Fund (EIF) aimed at providing the Member States with the possibility using part of assistances allocated for them from the structural funds for 2007-2013 period to improve access to funding for small and medium-sized business entities.
INVEGA fund aims to improve the access of SMEs to external funding. The Fund provides loans and guarantees to SMEs and invests into SMEs which are in early (development and growth) stages and have a big potential for growth.

Resources needed

INVEGA fund manages three measures:

1. Small Credits. Allocation: 27,5 M EUR.
2. Open credit funds. Allocation: 29 M EUR. Implementing measure is expected to attract 9,65 M EUR private investments.
3. Micro credits – 1,7 M EUR INVEGA fund allocation and 1,7 M EUR interests earned allocation.

Evidence of success

Since it was established in 2009, financial engineering measures implemented through the INVEGA Fund increased the supply of financial sources to SMEs, eased the financial credit burden on SMEs and ensured that the investments would give returns.
The implementation of financial instruments of the INVEGA Fund ensured that 326.7 M EUR reached 3,492 SMEs by the end of 2015 making it possible to carry out a number of business projects.

Difficulties encountered

Business conditions at the beginning of operation of a Fund were very difficult, thus the demand for funding was not as high as expected. As a result, steps were taken to make financing conditions more favorable in order to attract more beneficiaries.

Potential for learning or transfer

INVEGA fund measures financed by EU structural and investment funds and national funds due to which SMEs can obtain the necessary funding for business start or business development.

Financial institutions in cooperation with INVEGA are prone to lend for business with state guarantees whereas businessmen are more courageous to establish or develop their activity and strengthen competitiveness. Increased activity of business and knowledge in the state granted support products enable them to use benefits of the most appropriate financial products.

The Fund proves the power of cooperation: by joining the forces of financial intermediaries, European Commission, the Ministry of Economy of the Republic of Lithuania, the positive impact to economy, growth, employment has been reached.

Please login to see the expert opinion of this good practice.

Main institution
Guarantee institution INVEGA
Lietuva, Lithuania (Lietuva)
Start Date
January 2009
End Date


Please login to contact the author.

Good Practices being followed by

Beatrice Avagnina

Regional Government of Canaries