100 “Startuok” loans: 22 million granted to young business ideas. EUR financing

Under the “Startuok” facility, a young business can receive up to 3 million. A EUR loan for investments and a working capital loan of up to EUR 200,000. As indicated by “Invega”, the average loan amount is usually around 200,000 EUR.

Loans for investments can be repaid within 10 years, for working capital – within 3 years. Loans are provided to young businesses for up to 3 years. 30% interest discount applies to companies implementing social impact projects and Ukrainian businesses operating in Lithuania for up to 5 years.

“Financial support is very important for a starting business, because it does not yet have guaranteed income or working capital, so getting financing is not easy,” says Iveta Paludnevičiūtė, Chancellor of the Ministry of Economy and Innovation. – In total, financial assistance under this measure was provided for more than 22 million Eur.”

According to VŽ, Agnė Mačiulienė, the chief project manager of “Invegos”, more than 100 “Startuok” loan contracts have already been signed at the end of April. During the entire period of implementation of the measure, 431 applications were received, negative decisions were made on 330 applications.

Less than a tenth of young businesses that received Startuok loans faced challenges in paying for financing.

“During the entire period of granting loans, 9 clients encountered difficulties in settlement, and 2 companies refused to sign contracts with Invega, even though they had already been approved for loans under Startuok,” A. Mačiulienė points out to VŽ.

After evaluating the already submitted and still evaluated company applications, currently the remaining 3.6 million Eur “Startuok” funds. According to its terms, the application deadline is 2024. June 30 However, as A. Mačiulienė points out, it can still be extended.

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Companies from various sectors apply for loans under the measure: retail and wholesale businesses operating in manufacturing, the construction sector and other operating companies.

For example, one of the businesses that received a loan is MB “Delta mityba”, which received a loan of EUR 83,000 under the “Startuok” measure. The company plans to open a new concept cafe in Vilnius, inspired by Japanese jazz bars – Jazz kiss – cultures.

“Similar spaces that used to be reserved only for audiophiles have now become open to all curious audiences. Such music bars are particularly fashionable in Berlin, London, and Lisbon. Shelves full of records, an impressive sound system become objects of attraction by themselves. Along with food and drinks, a unique listening experience is offered. The music here will only be from vinyl, and each record will be played from start to finish. Whether it’s natural wine, or mezcal, or music records, our passion is to discover and present to the city the latest trends and what doesn’t exist yet,” Šarūnas Sviridenka, head of MB “Delta mityba”, is quoted as saying in the report.

“Startuok” loan funds will be used to equip the cafe’s premises, purchase furniture and equipment, sound equipment. Sh. Svidirenka plans that the team will consist of 15 people, and the cafe will serve Mediterranean cuisine.

A business implementing social impact projects that operates for up to 5 years can also receive financing under the measure. One of the examples of such loans provided by “Invega” is VšĮ “Seniors’ Discotheque”, founded by Inetas and Đžuolo Žvagulia.

Entrepreneurs in 2024 opened a nursing home for the elderly in Bartkušky, Širvintos district. “Invega” granted a loan of more than EUR 113,000 to the Bartkuškis retirement home.

“Due to various permits, a couple of procedures, this project took 2 years to complete,” states Invega.