E. Grikšas: We are allocating more than 105 million euros in additional funding to businesses
The Ministry of Economy and Innovation (EIMIN) has reallocated the budget for “A Billion for Business,” one of the most important business financing programs – 105.6 million euros will be allocated to fund more promising investment projects that companies have already submitted for evaluation.
“Currently, 33 funding agreements have already been signed, with a total value of 813.8 million euros. Demand for the program exceeded the funding initially allocated to it, so we are providing additional funds to ensure that as many promising projects as possible can be implemented. The increase in the number of applications shows that the “3i” plan – which aims to create a better business environment, increase access to capital, and reduce the administrative burden – is working; this encourages companies to invest and expand their operations,” says Edvinas Grikšas, Minister of Economy and Innovation.
The allocated funds will be used to finance applications that have already been submitted and are currently under review. With this increase in funding, the “A Billion for Business” initiative’s budget for project financing now totals 900 mln. euros.
At the same time, the deadline for signing funding agreements is being extended. This will allow the procedures for allocating funding to be properly completed and ensure the effective use of funds allocated to the measure.
The “A Billion for Business” financial instrument is intended for companies implementing significant investment projects that contribute to the competitiveness, productivity, and innovation of the Lithuanian economy. The measure is administered by ILTE.
Among the funded projects are investments in the manufacturing, biotechnology, and energy sectors – both in major cities and in the regions – including the development of electricity storage infrastructure.
Companies developing projects in Marijampolė, Radviliškis, Pakruojis, Panevėžys, Šiauliai, Klaipėda, and Vilnius have already applied for the program. Among them are “Green Genius,” which is developing a biomethane power plant in the Pakruojis district; “Northway Biotech,” which is building an Innovative Cell Therapy and Personalized Medicine Center in Vilnius; and UAB “Pentasweet,” which plans to produce the innovative sweet protein “brazein.”