SORAINEN advised major Lithuanian credit union Mano Unija on structuring the financing of business loans already issued by Mano Unija through Latvian peer-to-peer lending marketplace Mintos.
Mano Unija will place on the Mintos platform its business loans secured by mortgage and borrower guarantees. Business loans will be from EUR 10,000 to EUR 100,000, with repayment periods from six months to five years. The plan is that the loan risk will be very low and the annual yield 9 percent.
Comments Vytautas Olšauskas, Chairman of the Mano Unija Credit Committee: “Lithuania lacks options that allow financing for small and medium companies. Almost every day we meet with business people who face difficulties in obtaining the necessary funding for their business or ideas. So we are looking for new options that allow us to provide new solutions which would not only eliminate problems regarding lack of financing for small and medium companies but also spread the entrepreneurial spirit in our country. Partnership with Mintos will help us to implement this mission.”
Adds Mârtinš Šulte, CEO of Mintos: “Investments in business loans through the Mintos platform reached almost EUR 1 million within a few months. We are happy to cooperate with Mano Unija since this will allow us to provide much more support for Lithuanian small and medium companies.”
The SORAINEN team was led by partners Tomas Kontautas and Rūdolfs Engelis with senior associate Augustas Klezys and associate Artūras Asakavičius.