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The case study presents the Entrepreneurship Promotion Fund (EPF) which has been implemented in Lithuania under the Operational Programme for the Development of Human Resources 2007-2013 and which is funded by the ESF. The main aims of the EPF are to promote self-employment and entrepreneurship. The EPF focused on start-ups and prioritised disadvantaged groups in order to fill the gap in funding for these groups.
This case study describes how the Lithuanian government used part of its European Social Fund (ESF) allocation to develop entrepreneurial talent in the country through a financial instrument. A total of EUR 14.48 million of ESF funds was
distributed as low-interest loans and loans on favourable terms, in combination with training and consultations on how to strengthen their SMEs and start-ups.
The financial instrument helped companies such as Veri Beri, a successful foodproducing SME founded by a brother and sister. The ESF instrument helped the company when the commercial loan market refused to finance them due to their
insufficient credit history. With a EUR 23,000 loan from the instrument, the company grew and it now employs nine people and exports its products to nearby countries.