Citadele bank issued a loan of more than half a million euros (the exact amount is EUR 560,826) to an advertising production company Spektrus EU, UAB, in Panevėžys. The loan will enable the company to develop its business and move from rented premises in the city to a two times more spacious building in Panevėžys Free Trade Zone (FTZ). The company plans to relocate its business to the new premises at the end of the summer.
“We will invest about EUR 1.2 million in the production facilities and create new jobs. The production area will be 1,100 square meters, which is two times more than our current premises. We are expanding our product range and production volumes, so the current premises are no longer adequate,” explained Andrius Večiorkus, Director of Spektrus EU.
Director of the company plans that the company’s revenue will increase by about one third once the additional funding is used to expand production and relocate the business to the new premises.
“We are happy to contribute to the development of a company established in our region. Spektrus EU provides services to customers throughout Lithuania and exports products abroad. We believe that the funding granted by the bank will help our client to reach new markets,” said Deividas Norkūnas, Director of Panevėžys Branch of Citadele bank.
According to the representative of the bank, the loan was granted with an individual guarantee of 80% issued by Investicijų ir verslo garantijos, UAB. The guarantee has enabled the company to obtain the funding without pledging its property.
Spektrus EU launched the production of advertising signs with aluminium body. This type of body is better than the plastic one, because it is more durable, has better quality and looks more aesthetically pleasing. Director of the company that has been successfully operating for seven years expects that new high-quality advertising products will help the company gain competitive advantage in the Scandinavian market.
Citadele bank is one of the banks issuing the highest number of INVEGA-guaranteed loans in Lithuania. Recently, the bank and INVEGA signed an agreement under which the bank will issue loans with portfolio guarantees to small and medium enterprises (SMEs). SMEs will be able to receive loans with portfolio guarantees of up to EUR 1.875 million: 80% of the loan amount will be guaranteed.
At the end of the first quarter of 2017, corporate loan portfolio of Citadele bank amounted to EUR 197 million, which is 25 percent higher than a year ago.
About Citadele Group
Citadele Group is managed from Latvia, while its subsidiaries and branches operate in Latvia, Lithuania, Estonia and Switzerland. Citadele bank handles card payments, offers credit granting, investment, leasing and asset management services as well as a variety of exceptional and unique products. The vision of Citadele bank is to become the best provider of financial services to individual clients as well as small and medium businesses in the Baltic States.