EU approves Lithuanian scheme to aid businesses

• Source: Xinhua
• [12:14 June 09 2009]
• Comments

The European Commission approved on Monday a Lithuanian measure to help businesses to deal with the current economic crisis.

Under the scheme, aid of up to 500,000 euros (690,000 US dollars) per firm may be granted in 2009 and 2010 to businesses facing funding problems because of the current credit squeeze.

The scheme applies only to businesses which were not in difficulty on July 1, 2008 and the aid will be granted in form of public guarantees, to be issued until Dec. 31, 2010 at the latest.

"The scheme will help alleviate the difficulties faced by Lithuanian businesses affected by the current situation without giving rise to any undue distortions of competition," European Union Competition Commissioner Neelie Kroes said in a statement.