The LBSA Is Already Accepting Applications Under The Measure ‘SMARTINVEST LT+’
To attract foreign investments in the field of research, experimental development, and innovation (R&D), a call for applications under the measure ‘SmartInvest LT+’ has been published.
The Lithuanian Business Support Agency (LBSA) is waiting for applications for project funding from 27 September to 27 October.
The budget of the measure is EUR 20 million. Eligible projects for the non-reimbursable grant will be selected through a call for proposals.
According to Aurimas Želvis, Director of the LBSA, foreign investment in Lithuania is steadily growing and this measure aims to attract more investment for the development of very specific R&D activities.
‘Today, innovation is the activity that creates the economy of the future, which must be encouraged so that our country can keep pace with global progress. Therefore new innovative ideas, which will find the application here, employ local talent and contribute to strengthening the country’s economy, are welcome in Lithuania,’ says Želvys.
The ‘SmartInvest LT+’ measure promotes projects that invest in R&D activities, create new or expand the R&D infrastructure of an existing company.
Inga Lukošiūnaitė, Head of Science and Innovation Projects Division of the LBSA, points out that the R&D activities of the projects financed by the measure must be carried out in Lithuania.
Eligible applicants are private legal entities established or acquired by foreign investors in Lithuania over which foreign investors have a decisive influence, or a foreign investor or a branch thereof established in Lithuania.
‘The essential requirements for applicants are to create and market new products, new jobs, new jobs for researchers, attract private investment and, after completion of the project, generate income from the newly created products,’ says Lukošiūnaitė.
Supported activities and eligible costs
The minimum amount of investment that can be granted for projects carried out under both supported activities is EUR 50,000.
Applicants investing in R&D activities, which may involve partners – private legal entities, research, and study institutions – can apply for up to EUR 3 million. Eligible costs are the costs of acquisition of technical knowledge and patents, or rights under a license agreement and project implementation costs, acquisition of R&D and related services, researcher fees, mission expenses, depreciation and rental of equipment and premises, as well as the costs of patenting products created during the project.
No partners are allowed in the event of direct investments to create new or expand the R&D infrastructure of an existing company, and the maximum amount of investment that the promoters of such projects can expect may not exceed EUR 4.5 million. The eligible costs are the same as in the first supported activity, i.e. the costs of equipment, facilities, or other assets referred to in the description to be attributed to the R&D infrastructure of the undertaking.
Thus, the maximum amount of funding that can be allocated to a project is EUR 7.5 million.
Lukošiūnaitė notes that the costs of land, immovable property, construction, reconstruction, repair, and other works, and information about projects as well as the costs of acquiring software licenses, are not financed under the measure.
The LBSA invites potential applicants to actively seek advice. The Agency’s specialists will answer any questions you may have.
Find out more information HERE.