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"Experience of INVEGA with the use of financial engineering instruments in
Lithuania“
20 May 2011JEREMIE NWP, Brussels
Audrius ZabotkaDeputy Director General
INVEGA
• UAB “Investicijų ir verslo garantijos” (INVEGA) - Investment and Business Guarantees, Ltd.
• Established by the Government of Lithuania, registered on 29th November 2001
• On 5 March 2004 INVEGA counter-guarantee agreement with EIF under the MAP
• Since 2001 issuance of individual guarantees• Since 2006 administration of microcrediting programme • Since 2009 administrator of Global Grant• Since 2009 manager of the JEREMIE HFs (ERDF + ESF)• 32 employees
2
INVEGA - Investment and Business Guarantees, Ltd.
Small credits_1 2
EUR 6 m
Small credits_1 2
EUR 6 m
Micro credits
for SME 1
EUR 8 m
Micro credits
for SME 1
EUR 8 m
Instrument funded byNational budget
Instrument funded byNational budget
Open credits fund 3
EUR 29 m
Small credits_2 2
EUR 29 m
Financial Engineering Instrument funded by ERDF
Financial Engineering Instrument funded by ERDF
INVEGA fund (JHF)
EUR 58 m
Entrepreneurship Promotion Fund (JHF) EUR
15 m
Entrepreneurship Promotion 4
EUR 14,48 m
Financial Engineering Instrument funded by ESF
Financial Engineering Instrument funded by ESF
Guarantee Fund -
Individual guarantees 5
EUR 37,4 m
Guarantee Fund -
Individual guarantees 5
EUR 37,4 m
Compensation of interestsEUR 30 m 6
Individual guarantees Individual guarantees
Small credits_1 2
EUR 6 m
Small credits_1 2
EUR 6 m
Micro credits
for SME 1
EUR 8 m
Micro credits
for SME 1
EUR 8 m
Instrument funded byNational budget
Instrument funded byNational budget
Open credits fund 3
EUR 29 m
Small credits_2 2
EUR 29 m
Financial Engineering Instrument funded by ERDF
Financial Engineering Instrument funded by ERDF
INVEGA fund (JHF)
EUR 58 m
Entrepreneurship Promotion Fund (JHF) EUR
15 m
Entrepreneurship Promotion 4
EUR 14,48 m
Financial Engineering Instrument funded by ESF
Financial Engineering Instrument funded by ESF
Guarantee Fund -
Individual guarantees 5
EUR 37,4 m
Guarantee Fund -
Individual guarantees 5
EUR 37,4 m
Compensation of interestsEUR 30 m 6
Individual guarantees Individual guarantees
• ERDF since April 2009• Term up to 31 Dec 2014• Budget: EUR 29 m (no co financing from the banks)• Participating 4 banks
• Max . Credit amount EUR 101 thousands• One credit per SME per 12 months• Purpose for investments and working capital for development or general business
expansion• State aid scheme: de minimis (restricted sectors: under de minimis rules)
5
INVEGA fund: Small credit programme-2
• ERDF since April 2009• Term up to 31 Dec 2015• Budget: EUR 29 m • Participating banks – 8 selected (agreements with 7 banks)• Open credit fund:
• Co-financing of up to 75 % of the credit to SME but not more than EUR 434 thousands
• Two credit per SME per 12 months• Credit term for SME up to 72 months• Max. bank margin < 3 %• Interests 3 m Vilibor + 0.1 % (>3; <7)• Interest 3 m Euribor + 0.1% (>1; <3)• Purpose for investments and working capital for development or general business
expansion• State aid scheme: de minimis (restricted sectors: under de minimis rules)
6
INVEGA fund: Open Credit Fund
Small credits_1 2
EUR 6 m
Small credits_1 2
EUR 6 m
Micro credits
for SME 1
EUR 8 m
Micro credits
for SME 1
EUR 8 m
Instrument funded byNational budget
Instrument funded byNational budget
Open credits fund 3
EUR 29 m
Small credits_2 2
EUR 29 m
Financial Engineering Instrument funded by ERDF
Financial Engineering Instrument funded by ERDF
INVEGA fund (JHF)
EUR 58 m
Entrepreneurship Promotion Fund (JHF) EUR
15 m
Entrepreneurship Promotion 4
EUR 14,48 m
Financial Engineering Instrument funded by ESF
Financial Engineering Instrument funded by ESF
Guarantee Fund -
Individual guarantees 5
EUR 37,4 m
Guarantee Fund -
Individual guarantees 5
EUR 37,4 m
Compensation of interestsEUR 30 m 6
Individual guarantees Individual guarantees
• ERDF since August 2009• Term up to 31 Dec 2015• Budget: EUR 37.4 m • INVEGA has co-operation agreements with (all commercial banks )• Guarantee fund:• provides 80 % guarantee on INVEGA’s individual commitments on SME loans• Targets 1100 guarantees, guarantee portfolio of EUR 112 m• Individual guarantee rate up to 80 % of the credit to SME but not more than EUR 1,5 m• Guarantee premium 3-4 %• Purpose of guaranteed loan for investment or working capital loans for the expansion
and the development of SME’s general business activity• State aid scheme: de minimis (restricted sectors: under de minimis rules)
8
Guarantee fund
Small credits_1 2
EUR 6 m
Small credits_1 2
EUR 6 m
Micro credits
for SME 1
EUR 8 m
Micro credits
for SME 1
EUR 8 m
Instrument funded byNational budget
Instrument funded byNational budget
Open credits fund 3
EUR 29 m
Small credits_2 2
EUR 29 m
Financial Engineering Instrument funded by ERDF
Financial Engineering Instrument funded by ERDF
INVEGA fund (JHF)
EUR 58 m
Entrepreneurship Promotion Fund (JHF) EUR
15 m
Entrepreneurship Promotion 4
EUR 14,48 m
Financial Engineering Instrument funded by ESF
Financial Engineering Instrument funded by ESF
Guarantee Fund -
Individual guarantees 5
EUR 37,4 m
Guarantee Fund -
Individual guarantees 5
EUR 37,4 m
Compensation of interestsEUR 30 m 6
Individual guarantees Individual guarantees
• ESF since December 2009• Term up to 31 Dec 2015• Budget: EUR 15 m • Co-operation agreements with the Consortium led by Central Credit Union
(+57 Credit Unions)• Entrepreneurship Promotion:• Trainings for SMEs• Microcredits for start-up micro companies (legal entities and individuals) < 12 months
• One credit per entity• 10 % co-financing of the microcredit by Credit Unions• State aid scheme: de minimis (restricted sectors: under de minimis rules)
10
Entrepreneurship Promotion Fund (EPF)
11
Implementation of JHF/FEI
INVEGA Fund Guarantee Fund
Entrepreneurship Promotion Fund
Small Credits Open Credit Fund
Signature of funding agreement
April 2009 April 2009 August 2009 30 Dec 2009
Contribution to the JHF/FEI
EUR 29m EUR 29m EUR 37.4m EUR 15m
Disbursements/ commitments to SMEs as of 31 March 2011
EUR 38,3m EUR 18,1m EUR 100,1m EUR 0,7m
Small credits_1 2
EUR 6 m
Small credits_1 2
EUR 6 m
Micro credits
for SME 1
EUR 8 m
Micro credits
for SME 1
EUR 8 m
Instrument funded byNational budget
Instrument funded byNational budget
Open credits fund 3
EUR 29 m
Small credits_2 2
EUR 29 m
Financial Engineering Instrument funded by ERDF
Financial Engineering Instrument funded by ERDF
INVEGA fund (JHF)
EUR 58 m
Entrepreneurship Promotion Fund (JHF) EUR
15 m
Entrepreneurship Promotion 4
EUR 14,48 m
Financial Engineering Instrument funded by ESF
Financial Engineering Instrument funded by ESF
Guarantee Fund -
Individual guarantees 5
EUR 37,4 m
Guarantee Fund -
Individual guarantees 5
EUR 37,4 m
Compensation of interestsEUR 30 m 6
Individual guarantees Individual guarantees
A web- link to further information on each measure
1. http://www.invega.lt/en/index.php?option=com_content&task=view&id=234&Itemid=80
2. http://www.invega.lt/en/index.php?option=com_content&task=view&id=304&Itemid=88
3. http://www.invega.lt/en/index.php?option=com_content&task=view&id=313&Itemid=89
4. http://www.invega.lt/en/index.php?option=com_content&task=view&id=320&Itemid=92
5. http://www.invega.lt/en/index.php?option=com_content&task=view&id=186&Itemid=79
6. http://www.invega.lt/en/index.php?option=com_content&task=view&id=190&Itemid=87http://www.esparama.lt/2007-2013/en/5
13
Contacts
UAB „Investicijų ir verslo garantijos“ (INVEGA)(Investment and Business Guarantees, Ltd.)Konstitucijos ave. 7 (16th floor), LT-09303 VilniusTel. +370 5 210 7510, faks. +370 5 210 7511Email to: [email protected]
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