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Access to finance

Lithuania


				Lithuania

Summary

According to the Small Business Act (SBA) Fact Sheets SMEs are major players in the Lithuanian economy, owing to their significant contribution to the total added value (63.5%) and employment (75%) in the business economy. The 2008/2009 crisis has hit Lithuania’s SMEs hard, resulting in significant slumps in employment, and even more so in value added. SMEs were affected more than large companies, having experienced a one-third contraction in economic activity, while large companies only reduced their activity by a fifth. This can be explained by the fact that SMEs activate particularly in sectors which are not export-oriented and thereby excessively dependent on domestic demand, which fell heavily when the crisis hit and government spending was reduced due to lower tax income and rising debt. However, the Lithuanian economy has proved to be very resilient, and both SMEs and larger firms have since recovered every year, albeit the growth flattened shortly in 2012. Full recovery to pre-crisis levels will be achieved only after 2014. Lithuania has a positive SBA profile. The country does well on a number of areas, led by state aid & public procurement, responsive administration, second chance, and even access to finance. In general, it offers a business-friendly environment, backed up by an efficient administration responsive to the needs of businesses. Notwithstanding these positive elements, further enhancing Lithuania’s profile will require significant improvements in research and innovation, as well as skills, where it still faces some challenges.

Key indicators on access to finance
SMAF
SMAF gif - 18 KB [18 KB]

Lithuania ranked 9th out of 27 countries in the 2012 SMAF Index.

For details on SMAF index and methodology please click here.

Download data excel12book - 593 KB [593 KB]

Loans
Loans gif - 38 KB [38 KB]

Source: Chart compiled using ECB data

Note: Loan volumes and interest rate data for 2013 are to the period September 2013 only (due to data availability as at November 2013).

Download data excel12book - 69 KB [69 KB]

Guarantees
Guarantees gif - 37 KB [37 KB]

Source: Chart compiled using AECM data

Download data excel12book - 48 KB [48 KB]

Venture capital
Venture capital gif - 32 KB [32 KB]

Source: Chart compiled using EVCA data

Download data excel12book - 69 KB [69 KB]

 

Appendix: ACTIONS SUPPORTING ACCESS TO FINANCE FOR SMEs pdf - 296 KB [296 KB]

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