Real aid available for businesses affected by China’s sanctions
The New Opportunities LT aid measure worked out by the Ministry of the Economy and Innovation will help small and medium-sized businesses to look for new markets and partners. This is particularly relevant for companies affected by unofficial Chinese sanctions. Up to EUR 5 million is planned for the measure; applications can be submitted already now.
‘Lithuanian businesses must get stronger and more resilient to adverse market situations. This can only be achieved by consistently expanding the list of partners and markets. We can definitely find more partners in the EU, North America and elsewhere; and we hope that New Opportunities LT will help small and medium-sized businesses in doing so,’ — says Minister of the Economy and Innovation Aušrinė Armonaitė.
New Opportunity LT is available to small and medium-sized enterprises whose at least 50 percent of income is made from selling their own-made Lithuanian production. Project value can range from EUR 100 to 300 thousand.
Costs incurred after 1 January 2022 are subject to reimbursement. Companies that apply for funding must have financial ability to contribute to the project financing with at least 30 % of their eligible costs.
New Opportunities LT is administered by the public body Lithuanian Business Support Agency.