Linas Armalys: Small business is the backbone of the economy | Blind Spot #20

SUMMARY

Linas Armalys says Lithuania’s economy is in good shape: strong domestic consumption and 100,000 new immigrants have boosted small business. Falling Euribor rates are putting more money back into people’s pockets, which directly benefits local entrepreneurs.

Small business is Lithuania’s core: 82% of all companies are micro-enterprises, and over 90% if you include self-employed people. Yet policymakers still treat small and medium firms as one group, even though their needs are very different.

Most Noviti Finance clients are small teams in construction, logistics, services or fast-growing e-commerce. Compared with neighbours, Lithuania is far more favourable to small business — cheaper credit, better digital tools, more transparent data. COVID support also created a strong non-bank lending ecosystem.

Armalys reminds: small business isn’t the margin of the economy — it is the backbone. And for new entrepreneurs he has simple advice: expect stress, don’t chase quick money, forget fancy offices, talk to other founders, and have someone to lean on during hard days.