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EIF and Credem Group sign a EUR 80m agreement to support SMEs

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    Date: 07 February 2014
The European Investment Fund (EIF) and Credito Emiliano and Credemleasing (together “CREDEM GROUP”), assisted by Finanziaria Internazionale, have signed a guarantee agreement to support lending to innovative small and medium-sized enterprises (SMEs) as well as Small Mid-caps under an initiative funded by the European Commission.

The new agreement signed under the Risk Sharing Instrument (RSI) initiative allows CREDEM to provide innovative companies in Italy with access to a total of EUR 80m of financing until end 2015 and at favourable conditions thanks to a 50% guarantee offered by the EIF.

This is the 6th RSI agreement in Italy and the 27th in Europe so far, bringing the total loan finance available to innovative businesses across the EU under this initiative above EUR 2,5bn. The agreement signed today will help the bank to finance innovative businesses across the country.

Commenting on the signature in Reggio Emilia, EIF Head of Guarantees, Securitisation & Microfinance Alessandro Tappi, said: “I am pleased to be signing this Risk Sharing Instrument (RSI) agreement in Italy, under a DG Research and Innovation FP7 programme in support of innovative small and medium sized enterprises with CREDEM. This forms a package of EIF supported finance for the country which I am convinced will help to benefit innovative business here”.

Angelo Campani, Vice Chief Executive of CREDEM, said: "The guarantee given by EIF is an important solution that combines well with the Group's strategy aimed at supporting and improving services to companies over time. In particular, thanks to the guarantee, Credem intends to increase the volume of loans and leases granted to SME and Small Mid-Caps active in innovation, research and development, trough product with favorable conditions that can facilitate SMEs access to funding.

It is our belief that innovative enterprises are the ones that will better interpret market trends and improve their competitive level. "

About Risk-Sharing Instrument (RSI) under FP7

The RSI facility aims to encourage banks to provide loans of up to €7.5 million to SMEs and small mid-caps undertaking research, development or innovation, and seeking finance for investments and/or working capital. The RSI is a joint initiative of the EIF, the European Investment Bank (EIB) and the European Commission. It is supported by the European Union under the Seventh Framework Programme for Research and Technological Development (FP7) and uses EIF's risk-taking capacity. It is part of, and complements, the existing Risk Sharing Finance Facility (RSFF), managed by the EIB.

Under this facility, the European Investment Fund (EIF) is providing guarantees to banks and leasing companies that lend to SMEs and Small Mid-Caps. The guarantee covers, upon default, up to 50% of the outstanding amount of each loan. Some 25 or so banks are expected to be involved in the pilot phase, allowing the RSI to reach a total loan volume of up to €2.5 billion channelled to innovative SMEs and Small Mid-caps.

The call is open to financial or credit institutions, established and operating in the EU and/or countries associated to FP7, including, Iceland, Liechtenstein, and Norway, Switzerland, Israel, Turkey, the former Yugoslav Republic of Macedonia, Serbia, Albania, Montenegro, Bosnia & Herzegovina, the Faroe Islands and Moldova.

About the EIF

The European Investment Fund's (EIF) central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance.  EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. EIF’s total net commitments to private equity funds amounted to over EUR 7.9bn at end 2013. With investments in over 435 funds, EIF is a leading player in European venture due to the scale and the scope of its investments, especially in high-tech and early-stage segments. EIF’s guarantees loan portfolio totalled over EUR 5.6bn in over 300 operations at end 2013, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor.

About CREDEM GROUP

Credem Group is one of the largest Italian banking groups listed on the Italian stock Exchange with a market capitalization of approximately € 2 billion. The Group is headquartered in Reggio Emilia and operates in 19 regions of the country, through 629 branches, corporate centers and financial stores. Employees are 5,651, while 768 independent financial advisers distribute Credem products. Group headcunt is completed by 263 Creacasa agents (a group company specialized in mortgages, loans to households and insurance products) and 95 agents specialized in salary backed loans. Also, Credem Group is active in all areas of commercial banking in Italy and operates, through its subsidiaries, in asset and wealth management, insurance products distribution, leasing and factoring.

Credemleasing

Credemleasing, founded in 1980, is nowadays one of the main Italian leasing company, active in all areas of financial leasing: vehicles, plant and machinery, real estate and shipping. The company operates through branches located in Emilia Romagna, Campania, Lazio, Lombardia, Piemonte, Sicilia, Puglia, Calabria, Toscana and Veneto, and through branches and corporate centres of Credem Bank.

Press contacts:

EIF: David Yormesor, Tel.: +352 42 66 88 346, e-mail: d.yormesor@eif.org

CREDEM: Media Relations, Tel.: +39 0522 58 20 75 - +39 02 77 42 62 02; e-mail: rel@credem.it  Website: http://www.credem.it - http://www.credemleasing.it


 
 

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