AB Bank SNORAS will grant LTL 35 million for financing small and medium businesses

AB Bank SNORAS, seeking to contribute to the actions on reviving the country's economy, stipulated in the business promotion plan of the Government of the Republic of Lithuania, will grant LTL 35 million for financing the small and medium businesses on the exclusive conditions.

“We are sure that the most prospective business ideas must be implemented even during a difficult economic period. After the government of the country had foreseen considerable financial injections into the whole economy, Bank SNORAS decided to stimulate reviving of small and medium businesses by an additional financing. This sector of business, experiencing the greatest impact from the slowdown in the economy, has always been one of the main priorities of Bank SNORAS,” states Žoržas Šarafanovičius, the deputy chairman of AB Bank SNORAS Board, the director of Retail Business Division.

Bank SNORAS will apply the special financing conditions to implementing the objectives of various companies - both providing investment projects and financing circulating funds, as well as offering the service of crediting salaries. The largest sum by which Bank SNORAS will finance small and medium businesses on the exclusive conditions will amount to LTL 350 thousand.

While granting loans on the exceptional conditions, Bank SNORAS will give the priority to the companies owning the guaranties of “Investicijų ir verslo garantas” Ltd. or “Žemės ūkio paskolų garantijų fondas” Ltd.

During the recent years Bank SNORAS has implemented quite a few successful business financing projects in the sectors of food production, glass manufacturing industry and agriculture. The largest part of the loans granted by Bank SNORAS (60 per cent) in 2008 comprises crediting of investment projects, projects of financing the circulating funds - almost one-third (31 per cent) of the cases of crediting the bank's business.

Within last year, the loan portfolio for corporate clients of Bank SNORAS grew by 35 per cent or twice faster than the market (17.5 per cent). On 1 January 2009, the bank's portfolio for crediting business amounted to LTL 1.95 billion.