On 30 June 2017 Public Investment Development Agency (VIPA) signed a tripartite agreement with the Ministry of Finance of the Republic of Lithuania and the Ministry of Culture of the Republic of Lithuania. It established the Foundation for Cultural Heritage (hereinafter – CHF).

The fund has been set up with 5.2 million EUR from the European Regional Development Fund. These funds finance loans to public and private legal entities managing cultural heritage objects.

On 20 December 2018 VIPA signed an agreement with financial instrument manager Šiaulių Bankas, which provides loans directly to applicants.