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Open Credit Fund 2 (OKF2)

Credits are issued through Medicinos Bankas selected as financial intermediary implementing the financial engineering facility Open Credit Fund 2 (OCF2 Facility) of INVEGA Fund.

 

The OCF2 Facility is funded from the funds repaid and/or repayable to INVEGA fund, in accordance with the  Procedure of the Use of Funds Repaid and Repayable through the Implementation of Financial Engineering Facilities approved by Resolution No. 791 of 28 August 2013 of the Government of the Republic of Lithuania On the Approval of the Procedure of the Use of Funds Repaid and Repayable through the Implementation of Financial Engineering Facilities.

 

OCF2 credit/credit line agreements with the borrowers will be signed by 31 December 2018. The term may be extended by a separate agreement between the Bank and INVEGA, if the remaining OCF2 funds are sufficient.

 

Terms of granting a credit:

  • Maximum credit amount and currency: up to 600,000 euros;
  • Credits are granted for a period not exceeding 120 months;
  • Credit funds must be used in full no later than within 12 months after signing the credit agreement;
  • Credit repayment schedule may not provide for situations, where the main part of the credit (more than 50 percent) or the entire credit is repaid at the end of the credit agreement;
  • OCF2 credits are granted for the purpose of funding SME investments and/or supplementing the working capital, where such investment is linked to the taking up of a new activity by an SME or strengthening/development of the existing activity of the SME;
  • Once the OCF2 credit has been granted, its amount may not be increased;
  • The collateral may be the mortgage of real estate or other property or a guarantee provided by Investicijų ir Verslo Garantijos, UAB (Investment and Business Guarantees) (INVEGA). The real estate or personal property offered for mortgage must be evaluated by independent property evaluators and insured (where the Bank is the beneficiary);
  • Interest consists of variable and fixed part:
        − variable interest: 3-month EURIBOR + 0.1 %, but no more than 3 % per annum (NOTE. If the 3-month interest rate in the interbank market in the national currency is negative, its value is equal to 0 %);
        − fixed interest (bank margin): 3 percent.

 

Terms of granting a credit line:

  • Maximum credit line amount and currency: up to 600,000 euros;
  • Credit line may be granted for a period not exceeding 36 months;
  • Once the OCF2 credit line has been granted, its limit may not be increased;
  • The collateral may be the mortgage of real estate or other property or a guarantee provided by Investicijų ir Verslo Garantijos, UAB (Investment and Business Guarantees) (INVEGA). The real estate or personal property offered for mortgage must be evaluated by independent property evaluators and insured (where the Bank is the beneficiary);
  • Interest consists of variable and fixed part:
        − variable interest: 3-month EURIBOR + 0.1 %, but no more than 3 % per annum (NOTE. If the 3-month interest rate in the interbank market in the national currency is negative, its value is equal to 0 %);
        − fixed interest (bank margin): 3 percent.

 

Borrowers

SMEs registered in Lithuania, in accordance with the definition of micro, small and medium-sized enterprises laid down in the Republic of Lithuania Law on Development of Small and Medium-sized Enterprises (for group of companies the following data shall be consolidated):

  • Number of employees: up to 250;
  • Annual income: up to EUR 40 million;
  • Balance sheet value of assets: up to EUR 27 million.

 

Credits are not available:

  • For the funding of projects supported by the EU structural funds or state/municipal institutions in full or in part;
  • To refinance the existing credits or financial obligations to banks or other financial institutions owed by the borrower or any other entity;
  • To fund financial activities or real estate development for the purpose of resale, rent or transfer for use to other persons;
  • To fund primary production of agricultural products;
  • To companies engaged in activities related to processing of and trade in agricultural products, where the amount of aid is determined by the price or quantity of products purchased from the main producers or supplied to the market of the relevant companies, or where the aid depends on whether the amount received will be allocated to the main producers in full or in part;
  • To export-related activities in third countries or Member States, namely aid directly linked to the quantities exported, to the establishment and operation of a distribution network;
  • To companies operating in the fishery and aquaculture sector;
  • To SMEs indirectly operating in the production and trade sectors of arms and ammunition, tobacco and distilled spirits and the relevant products;
  • For investment in enterprises engaged in the organisation of gambling;
  • For investment in enterprises operating in the life sciences sector, where the funding is granted for research, development and technical applications related to human cloning for the purposes of research or treatment and genetically modified organisms (GMOs);
  • For the purchase of commercial vehicles to companies engaged in the carriage of goods by road;
  • To companies operating in the coal and steel sectors;
  • To borrowers experiencing difficulties.

 

Please explore the interest compensation (up to 95%) opportunities: Interest Compensation for SMEs.

 

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