INVEGA's assistance for businesses affected by Covid-19
2020 May 21
Mano.bank has successfully started issuing the first soft loans using INVEGA's “Portfolio Guarantees for Loans 2” financial instrument. INVEGA (Investment and Business Guarantees) is a national financial institution that promotes the development of small and medium-sized enterprises in Lithuania.
We have prepared a comprehensive guide about this financial instrument.
INVEGA soft loan myths
X It will take months to get a loan.
On average, it takes about two weeks to issue a loan. However, speed depends on the company’s readiness, prompt collaboration, and comprehensive response.
X It will take a lot of visits to the bank with piles of documents.
You can get your loan remotely. Both mano.bank and INVEGA accept electronically signed documents.
X The loan will need to be coordinated directly with INVEGA.
There will be no need to communicate with INVEGA - we will take care of everything.
Who can apply?
Companies that were financially affected by the Covid-19 pandemic:
- turnover fell by more than 40%.
- temporary liquidity problems cause difficulties in meeting financial obligations.
What are the terms?
- Loan purpose: for restructuring existing loans or new loans for increasing liquid capital.
- Loan amount: from €100 thousand up to €5 million. The maximum loan amount depends on the size of the company, the amount of salaries accrued to employees during the year, the company's turnover, investment and other liabilities.
- INVEGA guarantee: 80% of the loan.
- Company security: 20% of the loan is guaranteed by the company's real estate*.
* Indicative example: the company has €20 thousand worth of real estate and wants to get €100 thousand loan. Without INVEGA's guarantee, the collateral of this value would be too small for the desired loan amount. As INVEGA guarantees 80% of the loan amount, the value of the real estate covers the remaining 20% of the collateral and a loan is issued to the company.
- Interest rate: from 5% annual interest. The exact rate is determined on a case-by-case basis.
- Loan term: from 6 months to 5 years.
- Applications are accepted until: 31/12/2020.
The final terms of the loan depend on the company's business profile, credit history, collateral and other factors.
How to prepare for a quicker loan approval?
Even if you meet all the requirements, the successful issuance of the loan will depend on the correctly filled documents:
- We can only evaluate financial statements approved by the State Enterprise Centre of Registers, so it will be faster if you first report to the center and then contact us.
- Prepare the documents carefully: the submitted contracts must be valid, all documents must be signed.
- Prepare a concise but sufficiently detailed business plan and a description of how COVID-19 affected your company. We evaluate each situation individually, so it is important to justify why your business will be successful in the future and how you plan to repay the loan.
- In addition to the application forms provided by us, we may request the following company documents: the director's identity document, financial statements, SME status declaration, a declaration of loans received under the COVID-19 financial instruments.
Due to errors, applications are rejected and need to be refilled. Make sure you are filling the documents carefully so that the support reaches you as soon as possible.
Is it necessary to contact INVEGA?
You do not need to communicate with INVEGA directly - we will take care of everything.
Is it possible to get a loan remotely?
You can get a loan at mano.bank remotely using e-signature. Both mano.bank and INVEGA accept e-signed documents. However, a notarial 20% guarantee agreement will have to be signed by a notary.
How long will it take?
We issued the first INVEGA soft loan within a week - the company had prepared all the documents and answered the questions promptly and in detail. However, on average, the process takes about two weeks.
The speed of issuance depends on the preparation of the company and the comprehensive responses. If the company is ready to cooperate, we will ensure speed and minimal cost of your time.
Where to apply for the loan?
Fill out an application form here https://www.mano.bank/verslui/kreditas