Cooperation with the EIF
In March 2004, INVEGA (as of 30 August 2024, UAB “Investicijų ir verslo garantijos” became UAB ILTE) and the European Investment Fund (EIF) signed a cooperation agreement under which EIF committed to cover 50% of INVEGA’s losses incurred when providing guarantees to banks for investment loans issued to small and medium-sized enterprises (SMEs). ILTE’s guarantees benefit from counter-guarantees granted by the EIF under the European Community’s Multiannual Programme for Enterprises and Entrepreneurship, in particular for SMEs (2001–2005).
EIF is a member of the European Investment Bank Group, holds a AAA credit rating, and is one of the financial institutions administering EU support programmes for SMEs. Lithuania was among the first candidate countries to benefit from this programme, and ILTE was one of the first guarantee institutions to use the programme’s opportunities to support national entrepreneurs.