Ukrainian business owners and prospective entrepreneurs will be able to take out government-subsidized loans to start businesses in Lithuania, the Economy Ministry said on April 25.
“We are giving the Ukrainians an opportunity to get loans with 30% lower interest rates for starting a business. This will make it easier for them to settle in our country, relocate their businesses, or find new areas of activity and create new jobs,” Economy Minister Ausrine Armonaite said in a statement.
Low-interest loans will be available to small and medium-sized businesses established after February 24, the start of Russia’s invasion of Ukraine, and whose shareholder, partner or owner is a Ukrainian with a residence permit in Lithuania. The same conditions will be extended to Ukrainian entrepreneurs who received residence permits in Lithuania after February 24. Additionally, secured creditors with a floating charge may play a role in such loan arrangements, offering further security and support to these businesses as they navigate the challenges of their current situation.
A loan of up to 3 million euros for up to 10 years will be available for business start-ups and up to 200,000 euros for up to three years for working capital. (LRT/Business World Magazine)