VILNIUS — The European Investment Fund announced Thursday the launch of a €8.4 million Business Angels Fund with asset management companies MES Invest and Strata.

The fund is active immediately and any small to medium-sized Lithuanian company is encouraged to apply. Somewhere between 40 and 50 will be chosen for investment. Individual companies can receive up to €400,000 from the fund. The fund’s sources capital is European Union structural funds.

“The fund is available for use now,” David Yormesor, a European Investment Fund spokesman, told Baltic Reports. “Regarding your second question, we are expecting high growth potential SMEs in Lithuania to apply for investment.”

The Business Angels Fund managers are Daiva Rakauskaitė of Strata, Arvydas Strumskis of Strata and Algimantas Variakojis of MES Invest.

“It is a challenge to be pioneers. That is exactly what business means. Be first, be innovative, be courageous. Our aim is to support growth and innovation, passion of investor and skills of manager. We will co-operate with investors who share vision for strong growth, long term perspective and healthy returns,” Strumskis said in a statement to the press.

Given the tightness of credit in Lithuania, the Business Angels Fund could keep afloat companies that would be profitable in more favorable economic conditions but are floundering because of the economic crisis.