What we do
Coronavirus outbreak: EIB Group’s response to the pandemic
Equity products
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
Pan-European Venture Capital Fund(s)-of-Funds programme
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
ESCALAR Programme
Debt products
New ESIF ERDF Guarantee Fund initiative in Greece
EFSI Private Credit Programme
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
Skills & Education Guarantee Pilot
EREM debt products
Single EU Debt Financial Instrument
COSME - Loan Guarantee Facility
InnovFin SME Guarantee Facility
Documentary Finance Facility – Bulgaria
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Asset Management Umbrella Fund (AMUF)
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
EaSI Funded Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
German Corona Matching Facility (CMF)
Portugal Growth programme
Croatian Growth Investment Programme (CROGIP)
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund 1 (BIF 1)
Baltic Innovation Fund 2 (BIF 2)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Competitiveness Fund-of-Funds for SMEs in Romania
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
ESIF Fund-of-Funds Greece
EAFRD FoF Portugal
EAFRD FoF Romania
The ERP-EIF Facility
ERP-EIF Co-Investment Growth Facility
The LfA-EIF Facilities
INAF – French National Agricultural Initiative
ESIF Energy Efficiency and Renewable Energy Malta
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
InvestBG Equity Instrument
JEREMIE Romania Reflows – Equity Instrument
Luxembourg Future Fund (LFF)
Mezzanine 'Fund of Fund' for Germany (MDD)
Polish Growth Fund of Funds (PGFF)
Portugal Venture Capital Initiative (PVCi)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)
EAFRD FoF Greece

EIF and Noviti Finance support better access to finance for Baltic micro-enterprises with EUR 10 million deal under EaSI programme.

    Date: 20 February 2020
  • Noviti Finance signs guarantee agreement with European Investment Fund (EIF) under the European Union’s EaSI programme.
  • The EIF will guarantee a portfolio of up to EUR 10 million in loans by Noviti Finance, who will primarily support micro enterprises with loans of up to EUR 25,000.
  • The agreement has the backing of the Investment Plan for Europe.

In order to stimulate small business financing in the Baltic States, non-bank business lender Noviti Finance, and the European Investment Fund (EIF), have signed a cooperation agreement to give micro businesses and farmers better access to funding of up to EUR 25,000. The guarantee is funded by the Employment and Social Innovation (EaSI) programme of the European Union and is backed by the Investment Plan for Europe.

Noviti Finance, a non-bank lender based in Lithuania, will use the guarantee instrument to support micro companies in all the Baltic States (Latvia, Lithuania and Estonia). The Investment Plan for Europe allows the European Investment Bank Group to invest in more and often higher-risk operations, while EaSI aims to improve access to finance for vulnerable groups, micro-enterprises and social enterprises.

Linas Armalys, Director of Noviti Finance, commented: “The agreement with the EIF means that, from now on, funding will be available to even more small businesses, on more favourable terms, with lower interest rates and in most of cases without collateral or personal sureties. Small businesses will be able to use the financing as working capital, or for business development, thus effectively helping to grow and manage risks due to EIF-EaSI guarantee.”

European Commission Executive Vice-President Valdis Dombrovskis said: “Promoting an economy that works for the people means encouraging the ambitions and entrepreneurial talents our citizens. Today’s agreement is an excellent step in that direction. The European Investment Fund’s EUR 10 million agreement under the Investment Plan for Europe with Noviti Finance means that small businesses with up to 9 employees can benefit from loans of up to EUR 25,000. This financial boost gives micro-enterprises in Latvia, Lithuania and Estonia a real opportunity to thrive and expand.”

Alain Godard, Chief Executive of the EIF, added: “This agreement is an important boost to small companies in the Baltics. Fintech and non-bank financing are playing an increasingly important role in giving micro- and small enterprises access to finance, and we are very happy to support Noviti Finance in playing this intermediary role in the region.”

Thanks to the EaSI Guarantee, funded by the European Union and implemented on its behalf by the EIF, Noviti Finance will be able to issue up to EUR 10 million in microcredits to small companies in the Baltic States. Loans under this agreement will be available to companies with a maximum of 9 employees. The annual turnover of the company should not exceed EUR 2 million.

A large proportion of Baltic companies meet the EIF criteria for receiving business support and as much as 86 percent of Noviti Finance’s customer base falls within the EaSI microfinance criteria in terms of company size.

 “We are very pleased to have established this partnership. It is a great recognition and commitment to be included in the EIF-EaSI guaranteeprogram. We will be able to provide funding with this guarantee for an even larger number of small businesses that have been potentially ineligible for funding so far, and thus help them to grow successfully”, concluded Director of Noviti Finance, Linas Armalys

Financing with the EIF-EaSI guarantee will be provided to companies with tenors of up to 24 months. Companies can apply for a loan with an EIF guarantee on Noviti Finance’s website www.noviti.lt.

Background information:

Noviti Finance is an alternative lender for small and medium-sized companies that has successfully operated in Lithuania for four years. The company has funded over 1000 companies from the country since its establishment in 2016. This month the company is launching its activities in Latvia.

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

The EU's Programme for Employment and Social Innovation ("EaSI") aims at supporting the EU's objective of high level employment, adequate social protection, fighting against social exclusion and poverty and improving working conditions. The microfinance and social entrepreneurship axis of the EaSI programme provides support to financial intermediaries that offer finance for micro-enterprises and social enterprises. One of the objectives is to increase access to microfinance, which includes microcredit i.e. loans of up to EUR 25,000, in particular for vulnerable persons. The European Union has selected the EIF to implement the EaSI Guarantee Instrument on its behalf.   

Press contacts:

Noviti Finance:
Linas Armalys
tel.: +370 631 99333

Tim Smit
tel.: +352 691 28 64 23

European Commission:
Siobhán Millbright
tel.: +32 460 75 73 61


We use cookies to give the best browser experience on our website. or change cookie settings.

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


Copyright ©

 European Investment Fund 2020 – The European Investment Fund is not responsible for the content of external internet sites.