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Database of national-level policy measures

Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.

Factsheet for measure LT-2022-17/2374 – measures in Lithuania

Loans for start-ups of Ukrainian refugees

Finansinė priemonė „Startuok“

Country Lithuania , applies nationwide
Time period Temporary, 22 April 2022 – 30 June 2023
Context War in Ukraine
Type Legislations or other statutory regulations
Category Supporting businesses to stay afloat
– Access to finance
Author Rasa Mieziene, Inga Blaziene (Lithuanian Centre for Social Sciences)
Measure added 20 May 2022 (updated 20 June 2022)

Background information

On 22 April 2022, a new version of the financial instrument “Startuok”, financed by the European Regional Development Fund, was approved in Lithuania by Order No B-83 of the Director General of UAB Investicijų ir verslo garantijos (INVEGA). The measure will help Ukrainian citizens and businesses wishing to start up in our country to obtain soft loans for business start-up or working capital. The new version allows the Ukrainians and their businesses to borrow at one-third lower interest rates for start-up or working capital. The aim of this measure is to enable Ukrainian citizens fleeing the war to start or relocate their businesses and create new jobs in Lithuania.

Content of measure

The following small and medium-sized enterprises are eligible for soft loans under the “Startuok” instrument:

  • business that has been in operation for a period not exceeding three years;
  • business implementing social projects that has been operating for a period not exceeding five years;
  • business that has been established in Lithuania not earlier than on 24 February 2022, the stakeholder (shareholder, member, partner) or the owner of which is a Ukrainian citizen holding a Lithuanian residence permit or a Ukrainian legal entity that has been operating not more than five years;
  • entrepreneurs with Ukrainian citizenship and a Lithuanian residence permit who have been operating in Lithuania for no more than five years.

Loans are available for the start-up of a new business or for working capital to expand and strengthen an existing business. The instrument provides loans of up to €3 million for up to ten years and up to €200,000 for working capital for up to three years.

Loan agreements shall be signed no later than on 30 June 2023 and the loans shall be disbursed by 31 December 2023.

Use of measure

No information available.

Target groups

Workers Businesses Citizens
Does not apply to workers Start-ups
Migrants or refugees

Actors and funding

Actors Funding
National government
Public support service providers
National funds

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role Informed Informed
Form Not applicable Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

  • No involvement
  • Main level of involvement: Peak or cross-sectoral level

Involvement

No information available.

Views and reactions

No information available.

Sources

  • 22 April 2022: Order No B-83 of the Director General of UAB Investicijų ir verslo garantijos ("Investicijų ir verslo garantijos" generalinio direktoriaus įsakymas Nr. B-83) (invega.lt)

Citation

Eurofound (2022), Loans for start-ups of Ukrainian refugees, measure LT-2022-17/2374 (measures in Lithuania), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/LT-2022-17_2374.html

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