Lithuania among EU leaders in improving conditions for small and medium business

“The SBA 2014 report shows that Lithuania has been successfully improving business conditions as in five major areas the country exceeds the EU average. Over the last years, Lithuania managed to improve conditions in nearly all areas that are covered by the SBA for Europe. One of the biggest achievements is that SMEs (small and medium-sized enterprises) now are able to get funding easier,” said Lithuania’s Minister of Economy Evaldas Gustas.

The minister says that during the past few years Lithuania have introduced 40 measures for 9 out for 10 areas of policies that are covered by the SBA. Significant progress is observed in the implementation of the “Think Small First” principle for business administration, which seeks to create such conditions that small-scale businessmen would bear as lighter the legal regulation burden as possible.

The EU states that the well-being of SMEs is key to future employment and prosperity in the union. Therefore the Commission launched in June 2008 an ambitious new policy initiative, a Small Business Act for Europe, to put SMEs at the forefront of decision-making, to strengthen their potential to create jobs in the EU and to promote their competitiveness both within the single market and in the global markets. As a key element, the SBA aims at making the “Think Small First” principle a reality in policies and decision making at all levels in the EU.