Financial Support
If you are thinking of starting a business in Vilnius, you’ll find that there is a range of financial incentives on offer that have been designed to help you grow your business.
Employee training
There are a number of training programs offered by a variety of institutions to help with the further training and retraining of employees.
Requirements and rules can differ from program to program, so it is recommended that you contact the relevant institution before applying.
The goal of this initiative is to support professionals employed by foreign companies in developing specific work-related competences and adapt to changes in the economic landscape.
- For Unemployed Individuals
The employment service provides assistance to individuals learning new or required competencies, as well as retraining. Priority is given to jobs that are in demand on a regional or national level.
- For Employed Individuals
Working individuals can contact the nearest employment service center when they want to change their profession and work specialty. They will be compensated for requalification into professions that are in demand in Lithuania.
Support for business
There are a number of attractive grants packages and funding programs offered by the Lithuanian government to foreign companies which set up business in Lithuania.
Entrepreneurship Promotion Fund 2014 – 2020
The Invega initiative has been set up to provide financial support and consultations to start-ups and entrepreneurs. It is designed with smaller teams or individual entrepreneurs in mind. The maximum support that can be provided is € 25,000, which is to be repaid over a set term of 120 months at a fixed low interest rate.
To qualify, companies or entrepreneurs must submit a business plan, along with other paperwork to Invega affiliated credit unions, a list of which you can find on the Invega website.
Open Credit Fund 2
These loans have been designed to help businesses who are looking to implement their first phase of operations. They are also overseen by Invega, and are intended for larger operations, namely small or medium sized operations. The maximum amount of Open Credit Fund 2 financing that a company can secure is € 600,000, with a maximum repayment term of 120 months.
To qualify for this loan, a company has to establish its business through the local Citadele bank or Medicinos bankas, after which they can then apply through these banks for OCF2 funding.
