“We are trusted partners of our clients in Lithuania and the Baltic states and we want to support them in good times and bad. Therefore, we try to provide our clients with more opportunities to keep and develop their businesses. We have been cooperating with INVEGA since 2017 and we believe that these new contracts will help support the country’s economy at this difficult time,” said Vaidotas Gurskas, Manager of Citadele bank Lithuanian Branch.
Under this measure, loans can be granted to companies that were not considered to be in difficulty on 31 December 2019 and whose turnover has decreased by at least 30 per cent and the financial flows have become insufficient to cover liabilities due to the outbreak of COVID-19. The maximum amount of the loan is €5 million and state guarantee is up to 80 per cent. One borrower can receive several loans, but their total amount must not exceed the maximum amount of the loan. Guaranteed loans can be granted for a maximum period of 6 years (72 months).
“The measure Portfolio Guarantees for Loans 2 differs from its predecessor by considerably more favourable conditions for business, because this is what businesses need most at this time. We see a lot of interest from financial intermediaries to provide loans or leasing with state guarantee portfolio to businesses affected by COVID-19. I believe that such support to business will help control the consequences of decreased turnover or disruptions in financial flows,” said Kęstutis Motiejūnas, CEO of INVEGA.
Loans can be included in the guaranteed portfolio until 31 December 2020. In order to take advantage of this portfolio guarantee, companies should apply to Citadele bank the same way as with regular financing.
About Citadele bank
The mission of Citadele is modernising the banking sector and providing more opportunities for the clients and businesses in the whole Baltic region. Our goal is to become a champion among the Baltic banks.
In addition to traditional banking services, Citadele offers its clients a number of services based on new-generation financial technology: from a modern mobile application, contactless payment and flash payment to being the first bank in the Baltic states offering the possibility to open an account with a selfie and make payments to a mobile phone number.
Citadele is the third largest bank in Latvia by number of clients. Citadele Group is managed from Latvia, while its subsidiaries and branches operate in Latvia, Lithuania and Estonia.
