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April
06
THE LBSA 2021 ACTIVITY REPORT SHOWS ENCOURAGING RESULTS
In 2021, the Lithuanian Business Support Agency (LBSA) achieved all the main planned indicators, exceeding many of them and some of them by several hundred per cent.
Although the disruptions and restrictions caused by the Covid-19 pandemic last year continued and affected the activities of most of the country’s institutions and businesses, the agency received many times more applications than a year ago and organised its processes so that all procedures were completed on time.
According to Agnė Vaitkūnienė, Acting Director of the LBSA, during this period the agency’s staff members provided LBSA clients with a full range of advisory support to ensure that projects do not stand still. This included ensuring that EU funds are invested in a targeted manner and that the business objective to modernise, digitise, innovate and remain competitive in the domestic and international markets is met. ‘Focusing on the client’s needs has always been and will remain a priority for the agency’, she says.
The results show that last year, 2.3 times more applications under planned and additional calls for proposals were received and 2.62 times more than in 2020, and the amount of funding requested was 3.4 times higher than the call budgets.
The amount of investments disbursed was 24% higher than in 2020 and the average time to verify payment claims was 16.8% shorter than planned.
A total of 1,807 business enterprises received investments, a total of EUR 740.5 million in private funds was attracted into the projects, and the projects enabled the development of 739.5 new prototypes of products, services or processes.
‘The agency successfully continued the function entrusted to it by the Government in 2020 to mitigate the consequences of the spread of Covid-19 and to the application of economic stimulus measures. It assessed 64,284 applications for subsidy measures in a timely and appropriate manner and carried out the planned screening checks’, said Vaitkūnienė.
The quality of the work of the LBSA specialists in pandemic conditions was also highly appreciated by the clients. According to data of both the quantitative and qualitative surveys, 94.5% of all respondents had a positive opinion of their performance or 1.4 percentage points more than in 2020, while the quality of the services provided by the LBSA was rated positively by 90% and the specialised events for applicants and project promoters by 96.4% of respondents.
According to the Acting Head of the LBSA, this year the agency will cease to exist under this name and become the Innovation Agency. ‘Therefore, it is very important to continue to ensure high standards of performance, to continuously improve competences and apply innovative solutions, to share best practices and to overcome challenges in a constructive way’, says Vaitkūnienė.
The LBSA 2021 activity report is available here.
Although the disruptions and restrictions caused by the Covid-19 pandemic last year continued and affected the activities of most of the country’s institutions and businesses, the agency received many times more applications than a year ago and organised its processes so that all procedures were completed on time.
According to Agnė Vaitkūnienė, Acting Director of the LBSA, during this period the agency’s staff members provided LBSA clients with a full range of advisory support to ensure that projects do not stand still. This included ensuring that EU funds are invested in a targeted manner and that the business objective to modernise, digitise, innovate and remain competitive in the domestic and international markets is met. ‘Focusing on the client’s needs has always been and will remain a priority for the agency’, she says.
The results show that last year, 2.3 times more applications under planned and additional calls for proposals were received and 2.62 times more than in 2020, and the amount of funding requested was 3.4 times higher than the call budgets.
The amount of investments disbursed was 24% higher than in 2020 and the average time to verify payment claims was 16.8% shorter than planned.
A total of 1,807 business enterprises received investments, a total of EUR 740.5 million in private funds was attracted into the projects, and the projects enabled the development of 739.5 new prototypes of products, services or processes.
‘The agency successfully continued the function entrusted to it by the Government in 2020 to mitigate the consequences of the spread of Covid-19 and to the application of economic stimulus measures. It assessed 64,284 applications for subsidy measures in a timely and appropriate manner and carried out the planned screening checks’, said Vaitkūnienė.
The quality of the work of the LBSA specialists in pandemic conditions was also highly appreciated by the clients. According to data of both the quantitative and qualitative surveys, 94.5% of all respondents had a positive opinion of their performance or 1.4 percentage points more than in 2020, while the quality of the services provided by the LBSA was rated positively by 90% and the specialised events for applicants and project promoters by 96.4% of respondents.
According to the Acting Head of the LBSA, this year the agency will cease to exist under this name and become the Innovation Agency. ‘Therefore, it is very important to continue to ensure high standards of performance, to continuously improve competences and apply innovative solutions, to share best practices and to overcome challenges in a constructive way’, says Vaitkūnienė.
The LBSA 2021 activity report is available here.
