Silicon Canals
No Result
View All Result
  • Home
  • News
    • Ukraine
    • Startups
    • Scaleups
    • Coin Canals
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
    • COVID-19
  • Exclusive content
    • Amsterdam
    • Rise by Techleap.nl
    • Fintech Files by AWS
    • Free Personio whitepaper
    • Guest Contributions
    • Newsletter
    • Partner content
  • Global Jobs
  • Tech Events
  • Partner with us
  • Contact
    • Contact us
    • About us
    • Team
    • Contribute your content
  • Home
  • News
    • Ukraine
    • Startups
    • Scaleups
    • Coin Canals
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
    • COVID-19
  • Exclusive content
    • Amsterdam
    • Rise by Techleap.nl
    • Fintech Files by AWS
    • Free Personio whitepaper
    • Guest Contributions
    • Newsletter
    • Partner content
  • Global Jobs
  • Tech Events
  • Partner with us
  • Contact
    • Contact us
    • About us
    • Team
    • Contribute your content
No Result
View All Result
Silicon Canals
No Result
View All Result

Lithuania-based fintech SME Finance receives €80M from EIB to support Baltic SMEs

Editorial team by Editorial team
November 11, 2020
in (Crowd)funding, News, Startups
SME Finance
60
SHARES
LinkedInTwitterWhatsAppFacebook

The development of SMEs plays a pivotal role in determining the growth and competitiveness of any market, across the globe. 

According to the European Commission, SMEs are the backbone of Europe, accounting for 99% of all companies in the EU and two-thirds of private-sector employment. Right now, most of Europe’s SMEs rely heavily on bank loans with limited access to other kinds of finances. 

- Partner content -
HR
Most important HR trends of 2023
HR has a lot of challenges to face in 2023. Find out what they are and how to deal with...Show More
HR has a lot of challenges to face in 2023. Find out what they are and how to deal with them. Show Less
Read more

In this regard, SME Finance, a fintech company was established in 2016 to address the funding gap in the financing of working capital for SMEs and midcaps. 

Received €80M from EIB

Recently, the Baltic fintech startup SME Finance received €80M from the European Investment Bank (EIB) to support small and medium-sized Lithuanian, Latvian, and Estonian enterprises in the transport, retail, wholesale, production, and services sectors. According to the company, it is the largest EIB investment awarded to a fintech lender.

“Given the current working capital constraints facing small and medium-sized enterprises and the substantially reduced availability of bank loans in the region, this is a timely and much-needed partnership of next-generation financial technology with public financing that will enable SMEs and midcaps across the Baltics to more quickly access financing to overcome their cash flow shortages.” says the CEO of SME Finance, Mindaugas Mikalajūnas.

It’s worth mentioning here that, countries like Lithuania, Latvia, and Estonia have seen the largest decline in bank loans awarded to SMEs across the EU region during the period of the pandemic.

The company will use the funding to meet the working capital financing needs of enterprises through its self-service factoring platform. 

4% to 8% annual interest rates

According to the company, the first tranche of funding from EIB is expected to reach businesses by the first half of 2021. The Lithuanian company plans to offer business financing with 4% to 8% annual interest rates.

SME Finance says that the maximum factoring limit granted to individual enterprises will be capped at €5M. Of the €80M received, 70% (€56M) will be granted to factoring services for SMEs and 30% (€24M) to factoring services for midcaps. 

Approximately 60% of the funds will be allocated to Lithuanian businesses, while the share awarded to Latvian and Estonian enterprises, in a common portfolio of factoring services, will amount to 20% each.

Provided financing services to 500 clients

Headquartered in Vilnius, Lithuania, SME Finance has financed invoices worth more than €459M, provided financing services to 500 clients, and raised more than €114M from local and international investors. 

SME Finance now has €80M of available capital and provides short and long-term loans, factoring, and leasing. The company has partnerships with world-leading providers of trade-related insurance solutions, including Euler Hermes and Coface.

Main image: SME Finance

 - Partner content -
How to improve your open source security?
How to improve your open source security?
Follow these three steps and get on the path to stronger security practices.Show More
Follow these three steps and get on the path to stronger security practices.Show Less
Read more
Tags: news
Share4Tweet15SendShare24

Featured | Tech Events

Current Month

june, 2023

Current Month

november, 2023

Advertise with us | Schedule meeting

Thank you for visiting Silicon Canals! If you want to advertise with us, schedule a meeting.

Silicon Canals | Jobs


Partner content | Work with us

Platform for creatives: How Creative Fabrica is combining graphics and AI to bring creators together

ExCulture and Plense Technologies winners of the Philips Innovation Award 2023

Meet Techleap.nl’s Ingrid Tappin, the champion of Dutch tech ecosystem’s diversity and inclusion efforts

Breaking news from Amsterdam | Partner

Amsterdam’s Dayrize raises €4M to help assess environmental & social effects of consumer goods

Amsterdam’s Rubio Impact Ventures and StartLife unite to foster impactful agrifood startups; here’s how

Amsterdam-based WPCS raises funds to transform WordPress into a scalable WaaS and SaaS platform

  • About Silicon Canals
  • Partner with Silicon Canals
  • Impressum
  • Contact us
  • Newsletter
  • Disclaimer
  • Privacy Policy
  • Cookie Policy (UK)
  • Cookie Policy (EU)
  • Terms & Conditions Silicon Canals

Silicon Canals © 2014-2023 | Design: Bright Idiots. Images: Depositphotos

No Result
View All Result
  • Home
  • News
    • Ukraine
    • Startups
    • Scaleups
    • Coin Canals
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
    • COVID-19
  • Exclusive content
    • Amsterdam
    • Rise by Techleap.nl
    • Fintech Files by AWS
    • Free Personio whitepaper
    • Guest Contributions
    • Newsletter
    • Partner content
  • Global Jobs
  • Tech Events
  • Partner with us
  • Contact
    • Contact us
    • About us
    • Team
    • Contribute your content

Silicon Canals © 2014-2023 | Design: Bright Idiots. Images: Depositphotos

Stay updated with the Silicon Canals daily and weekly newsletters.
We promise we won't spam you. You can choose to unsubscribe anytime.
Stay updated with the Silicon Canals daily and weekly newsletters.
We promise we won't spam you. You can choose to unsubscribe anytime.
X
X