The European Investment Fund (EIF) and Confidi Systema! have signed an agreement under the European Commission’s InnovFin initiative, backed by the EU's research and innovation programme Horizon 2020, to provide EUR 26 million in financing to innovative Italian small and medium-sized enterprises (SMEs) and small mid-caps over the next two years. This transaction also benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.
EIF is providing a counter-guarantee that will enable Confidi Systema! to increase its guarantee volumes and, as a result, assist SMEs in accessing credit. The transaction is expected to generate a portfolio of up to EUR 26 million of bank loans that will benefit over 200 companies located mainly in north-western Italy.
European Commission Vice-President, Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “Italy continues to perform exceptionally well under the Investment Plan. Thousands of Italian SMEs are already reaping the benefits of the EFSI. I am delighted that, with today's agreement, a further 200 companies will gain access to the finance they need to innovate, expand and create jobs.”
EIF Chief Executive, Pier Luigi Gilibert, commented: “I am very pleased to see EIF and Confidi Systema! concluding this cooperation under the EFSI umbrella, a transaction which will generate benefits for Italian businesses. As one of Italy’s major credit guarantee companies, Confidi Systema! is very well positioned to reach out to Italian SMEs in need of financing.”
Lorenzo Mezzalira, President of Confidi Systema!, added: “We are strongly committed to supporting Italian SMEs. Thanks to this agreement, we will be able to enhance the SMEs’ access to finance, which will allow them to develop, to grow and thus to create jobs. The loans’ amounts will be ranging from EUR 25 000 to EUR 2 million, and will have a maturity of up to ten years. Confidi Systema!’s support will also significantly reduce the time required to process a loan request, allowing the SMEs to quickly get the financing they need. EIF and Confidi Systema! are working together for the consolidation and the development of the system of small businesses in Italy.”
About Confidi Systema!
Confidi Systema! is a regulated financial intermediary. Its mission is to provide loan guarantees for SMEs who have an economically sound project and a tangible business development project but are not able to provide sufficient bankable collateral. Acting as an ‘accessible local branch’, Confidi Systema! provides a competent and efficient service for both SMEs and credit institutions. Thanks to its deep-rooted local presence, its knowledge of the market is extensive and direct. Confidi Systema! supports all the manufacturing sectors that have the financial means to tackle the complex new economic environment. To this end, Confidi Systema! deals not only with ‘new loans’ geared towards investments, but it also grants new guarantees on existing credit lines. As of the 31st of December 2016, Confidi Systema! had a total loan portfolio of about EUR 1 063 million for a total of 18 893 loans and issued EUR 585 million in guarantees, thereby supporting over 60 000 SMEs and entrepreneurs in Italy to finance their projects.
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