Published: 2024-04-30 11:07
L. Armalis, head of alternative financier Noviti Finance. Photo of Judita Grigelyts (V).
The income of the alternative non-bank financier Noviti Finance in 2024 grew by 62% in the first quarter and amounted to EUR 962,000. During January 2024 the fourth small and medium-sized business (SME) was lent over 5 million EUR 25% more than last year in the same period.
According to Noviti Finance, in order to ensure further rapid growth, the equity capital was increased from 1.1 million in the first quarter. EUR up to 1.5 million Eur. February 2024 fourth, it is planned to further increase the equity capital to 1.9 million. Eur.
The capital is increased to the existing shareholder.
Business financiers are the first to feel the economic situation by monitoring financing demand and loan repayment indicators. Although the need for small businesses to obtain financing is not great, in all three countries (Lithuania, Latvia and Poland V) where we work, the economic slowdown is currently felt. A new impulse for economic growth is expected in the second half of the year, with a EURIBOR decrease. The increase of Noviti Finance’s own capital, strengthening our capital structure, will ensure our ability to continue actively lending to small businesses, Linas Armalys, head of Noviti Finance, is quoted in the report.
The average loan amount received by small businesses in the first quarter increased by 26% to EUR 23,000, the total loan portfolio in Lithuania, Latvia and Poland in 2024. reached 26 million at the end of March. Eur.
The company has more than 2,000 customers in Lithuania, Latvia and Poland.
For financing under more favorable conditions, SMEs and alternative financiers help to obtain programs supported by the state and the European Union, for example, Alternative.
Noviti Finance is one of Invega’s financing intermediaries, as well as from 2020. the financier cooperates with the European Investment Fund (EIF). 80% still on loan to SMEs in 2024. In January, Noviti Finance provided a guarantee of the EIF InvestEU program.
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