Investment Plan for Europe supports micro-enterprises in the Baltic States
The European Investment Fund (EIF) and Noviti Finance have signed a €10 million cooperation agreement to give micro-businesses in the Baltic States (Latvia, Lithuania, Estonia) better access to finance. The agreement is backed by the Employment and Social Innovation (EaSI) programme and by the Investment Plan for Europe. Noviti Finance will use this to give micro-businesses and farmers better access to funding of up to €25,000 in all the Baltic States. Commenting on the agreement, Executive Vice-President Valdis Dombrovskis said: “An economy that works for the people means encouraging the ambitions and entrepreneurial talent of our citizens. Today’s agreement is an excellent step in that direction. The European Investment Fund’s €10 million agreement under the Investment Plan for Europe with Noviti Finance means that small businesses with up to nine employees can benefit from loans of up to €25,000. This financial boost gives micro-enterprises in Latvia, Lithuania and Estonia a real opportunity to thrive and expand.” The press release is available here. As of February 2020, the Investment Plan has mobilised €462.7 billion of investment across the EU, including, €1.1 billion in Latvia, €1.7 billion in Lithuania, and 1.6 billion in Estonia, and supported more than 1.1 million start-ups and small and medium businesses.