Investment Plan for Europe: EIF and Banca di Cambiano sign loan agreement for innovative businesses in Italy

The European Investment Fund (“EIF”), Banca di Cambiano (“BCC Cambiano”), as a coordinating and participating bank, Banca di Castagneto Carducci, Banca di Pisa e Fornacette, and Banca di Viterbo have signed an InnovFin Umbrella agreement for SMEs, benefiting from the support of the European Fund for Strategic Investments (“EFSI”), the heart of the Investment Plan for Europe. IC Satellite – Luigi Furore & associati, has advised the operation.

The InnovFin Umbrella agreement for SMEs will be managed by BCC Cambiano to enabling the 4 banks to provide a total of EUR 90 million of loans. These loans for innovative companies in Italy over the next 2 years benefit from the support of a guarantee provided by the EIF and are backed under Horizon 2020, the EU Framework Programme for Research and Innovation.

Commenting on the signature, EIF’s Chief Executive, Pier Luigi Gilibert said: “I am pleased to be announcing this InnovFin SME Guarantee agreement with BCC Cambiano to support innovative companies in Italy. With its network and the one of the other 3 participating banks, I am sure that many more innovative SMEs will soon be able to access this EU backed finance”.

Jyrki Katainen, EU Vice-President, responsible for Jobs, Growth, Investment and Competitiveness, said: "The agreement being signed today between the EIF and Banca di Cambiano will be of great benefit to small and innovative businesses in Italy. I recommend that small businesses in need of a loan approach the banks involved to find out more."

Commenting on the operation, Francesco Bosio, General Manager of Banca di Cambiano said: “The Guarantee Agreement is particularly important for reinforcing financial support for Micro Firm and SMEs, a customer segment that our bank has always been close to. Continuous changes of the economic landscape and markets require investment in research and innovation of both processes and products. Innovative SMEs find often hard to sustain growth and maintain it over time. With the support of the EIF Guarantee and our Bank strong territorial presence, jointly with the Participants Banks, we think to have identified a flexible instrument that would serve the purpose, through a wide range of potential applications, to support the growth of the future market leader in our territory”.

This transaction implemented thanks to EFSI in Italy, reflects the EIB Group’s commitment to respond swiftly to calls from Member States, the European Commission and the European Parliament for a rapid launch of concrete initiatives under EFSI, accelerating lending and guaranteeing transactions capable of boosting jobs and growth in the EU.

More information

About the EIF

The European Investment Fund (EIF) is part of the European Investment Bank group. Its 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. More information on the EIF's work under the EFSI is available here.

About Banca di Cambiano

Banca di Cambiano has been founded in 20th April 1884, is the oldest BCC in Italy and one of the largest; it is headquartered in the town of Castelfiorentino (province of Florence), with operations in the provinces of Florence, Pisa, Siena, Pistoia e Arezzo.  Banca di Cambiano currently has 39 branches across Tuscany region, and employs around 325 staff.  Its main business is taking deposits and granting various types of loans to customers, in this way providing support to private customers and SMEs to meet their needs. The bank is a founding member of “Cabel Group”, a firm that provides various services and products to numerous banks operating in Italy. The bank had total assets of over 3,7 billion at the end of 2015.

SMEs wishing to apply for finance under the InnovFin programme can directly contact Banca di Credito Cooperativo di Cambiano at the following website: www.bancacambiano.it and e-mail address: creditispeciali@bancacambiano.it

About Banca di Castagneto Carducci

BCC Castagneto Carducci has been founded 1910 and is headquartered in the town of Castagneto Carducci (province of Livorno), with operations in the provinces of Livorno and Grosseto, in west Tuscany. BCC Castagneto Carducci currently has 21 branches, and employs a full time equivalent of 126 staff. Its main business is taking deposits and granting various types of loans to customers, in this way providing support to private customers and SMEs to meet their needs. The bank is a founding member of “Cabel Group”, a firm that provides various services and products to numerous banks operating in Italy. The bank had total assets of approximately Eur 1,16 billion at the end of 2015.

SMEs wishing to apply for finance under the InnovFin programme can directly contact Banca di Castagneto Carducci at the following website: www.bcccastagneto.it and e-mail address: bcccastagneto@bcccastagneto.it

About Banca di Pisa e Fornacette

Banca di Pisa e Fornacette has been founded 1962 and is headquartered in Fornacette, within the municipality of Calcinaia (province of Pisa), with operations in the municipalities of Pontedera, Cascina, Pisa and Lucca. Banca di Pisa e Fornacette currently has 20 branches and 3 service branches for public administration within central Tuscany, and employs around 226 staff. Its main business is taking deposits and granting various types of loans to customers, in this way providing support to private customers and SMEs to meet their needs. The bank is a founding member of the Cabel Group, a firm that provides various services and products to numerous banks operating in Italy. The bank had total assets of approximately Eur 2,52 billion at the end of 2015.

SMEs wishing to apply for finance under the InnovFin programme can directly contact Banca di Pisa, at the following website: www.bancadipisa.it and e-mail address: ufficiofidi@bancadipisa.it

About Banca di Viterbo

BCC Viterbo has been founded in 1911 and is headquartered in the municipality of Viterbo with operations in the province of Viterbo, within the region of Lazio, in Central Italy. BCC Viterbo currently has 16 branches, and employs around 101 staff. Its main business is taking deposits and granting various types of loans to customers, in this way providing support to private customers and SMEs to meet their needs. The bank is a member of the Cabel Group, a firm that provides various services and products to numerous banks operating in Italy. The bank had total assets of approximately Eur 629 million at the end of 2015.

SMEs wishing to apply for finance under the InnovFin programme can directly contact Banca di Viterbo, at the following website: www.bancadiviterbo.it and e-mail address: r.tamantini@bancadiviterbo.it - m.bastiani@bancadiviterbo.it

About IC Satellite

IC Satellite is an independent advisor for more info please visit www.icsatellite.com

About the Investment Plan for Europe

The Investment Plan focuses on removing obstacles to investment, providing visibility and technical assistance to investment projects and making smarter use of new and existing financial resources. The Investment Plan is already showing results.

So far, the European Investment Bank (EIB) has approved 57 projects for financing under the EFSI which represent a volume of financing of EUR 7.8 billion. The European Investment Fund (EIF) has approved 165 SME financing agreements, with total financing under the EFSI of EUR 3.4 billion. Some 136,000 SMEs and Midcaps are expected to benefit. Together, these operations are expected to trigger total investment of €82 billion.

Find out the latest EFSI figures including a break-down by sector and by country here. For more information see the FAQs.

About InnovFin

The InnovFin SME Guarantee Facility provides guarantees and counter-guarantees on debt financing of between €25,000 and €7.5 million in order to improve access to loan finance for innovative small and medium-sized enterprises and small midcaps (up to 499 employees). The facility is managed by the EIF, and is rolled out through financial intermediaries – banks and other financial institutions – in EU Member States and Associated Countries. Under this facility, financial intermediaries are guaranteed by the EIF against a proportion of their losses incurred on the debt financing covered under the facility.

Press contacts:

EIF: David Yormesor
Tel.: +352 24 85 81 346, e-mail: d.yormesor@eif.org

Banca di Credito Cooperativo di Cambiano: Maria Siponta De Salvia
Tel.: +39 366 8538859, e-mail: maria.desalvia@bancacambiano.it

Banca di Credito Cooperativo di Castagneto Carducci: Francesca Nespoli
Tel.: +39 0565 778749, e-mail: francesca.nespoli@bcccastagneto.it

Banca di Pisa e Fornacette Credito Cooperativo: Grazia Guantini
Tel.: +39 3476141973, e-mail: grazia.guantini@bancadipisa.it

Banca di Viterbo Credito Cooperativo: Segreteria Direzione Federica Scapecchi
Tel. +39 0761 248207, e-mail: f.scapecchi@bancadiviterbo.it

European Commission: Annika Breidthardt
Tel.: +322 295 6153, e-mail: Annika.breidthardt@ec.europa.eu