Copie 110119 ministry   ramunas dilba
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  • SME – 99,4 % of all enterprises (74,2% micro enterprises) Dynamics of SME’s star t- ups (2008 dropdown by 15,8% in comparison with 2007) Most popular way of creating business is establishment of new company (2009 – 90,8%) About 20% of SME’s are family business Most popular No. of employees were 2-9
  • Greater need to extend measures and analyse it’s impacts.
  • This is great EC start to talk about context of SME, because only seeing the system makes possible to combine all support meassures: Tax conssesions were among top for support. Not to over-support (garantees+interest rate rebate+tax cuts Dabar yra šios lengvatos: Pelno mokesčio tarifas yra 5 % (o ne 15), kai įmonėje dirba ne daugiau kaip 10 darbuotojų ir pajamos per metus yra mažesnės nei 500 000 Lt. PVM mokėtoju neprivaloma registruotis jei per 12 mėn apyvarta neviršija 100 000 Lt ribos.
  • I will explain key actors, financing schemes and support Enterpreneurship, SME support is horizontal policy
  • Paslaugu sritis yra pagrindine mikro-finansavimui. Socialine ekonomika (darbo vietu kurimas) Nera korelaicijos tarp issilavinimo ir savarankisko isidarbinimo

Copie 110119 ministry   ramunas dilba Copie 110119 ministry ramunas dilba Presentation Transcript

  • Challenges and opportunities implementing financial engineering measures in Lithuania 201 1 - 01 -1 9 Ramūnas Dilba Ministry of Finance of Republic of Lithuania
  • Microfinance: Key principle OR
  • Policy targets and implementation
  • Building entrepreneurship
    • Only combination of all measures can bring sustainable support for SMEs
    • (E.g. for SMEs most desirable support is tax con c e s sions ( ~ 70 % of SMEs))
    Entrepreneurship culture Consulting Legal Regulation Taxes Financing
  • Previous financial engineering initiatives
    • Microfinance initiatives:
      • In 1994 for unemployed at the Labour Exchange Office (up to 2 000 Euro) for 3 years (Repayment starts from the second year)
      • In 2006 INVEGA started first microcredit initiative from PHARE
        • Up to the end of 2010 there were 16,5 mln. microcredits issued for 806 micro and small business
      • In 2001 INVEGA started to provide guarantees
      • In addition, from 2002 INVEGA provided interest rate rebates
  •  
  • Lessons
    • Link quality trainings/consultations and access to finance in a “one-stop-shop”
    • Make result oriented motivation (bonus) system
    • Keep access to micro credits open (groups and sectors), but put more emphasis on training and consultation to grow enterpreneurship capacities of priority groups
    • Keep it real (balance of support measures)
    • Keep one Holding Funds Manager
  • Opportunities
    • Revolving nature of Financial engineering instruments
      • (e.g. microcredit initiative from PHARE issued twice more microcredits than initial amount of Fund)
    • Developing the culture of entrepreneurship
    • Developing partnership between stake holders providing microcredits for SME’s
  • Chall e nges
    • At EU level:
      • Strong need for clear and permanent regulation
      • Uncertainty of combination between different FI measures and F I measures with Grants (Avoid unnecessary administrative burden)
      • Clear conditions for FI structure (selection of Intermediary Bodies, etc.)
      • Clear regulation on eligibility, monitoring and controls, publicity, etc.
    • At National level:
      • Real assessment of demand for access to finance
      • Ensure stable flow of issued loans
      • Share of risk between Holding Fund and Financial Intermediaries
      • Supplement, but not put in the competition different FI measures
  • Thank you for attention!