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Italy: Intesa Sanpaolo Group provides EUR 300 million through Mediocredito Italiano to support innovative SMEs and Small Midcaps thanks to the guarantee of the European Investment Fund and the EU

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    Date: 04 June 2018

Intesa Sanpaolo Group

The Intesa Sanpaolo Group, through its subsidiary Mediocredito Italiano, strengthens its commitment to innovative SMEs and small midcaps in Italy with a transaction supported by the European Investment Fund (EIF, part of the EIB Group) and the European Union Commission.

The guarantee contract, signed today in Milan, will enable Mediocredito Italiano to allocate up to EUR 300 million euros to around 200 Italian companies. This InnovFin-EU Finance for Innovators SME Guarantee programme has the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI), the financial pillar of the Investment Plan for Europe, or "Juncker Plan", aimed at supporting investments in Europe.

The transaction was signed  today in Milan in the presence of the Head of Sales & Marketing Companies of Intesa Sanpaolo and general manager of Mediocredito Italiano, Teresio Testa, the Vice President of the EIB and Chairman of the EIF, Dario Scannapieco, and the EIF’s Chief Executive Pier Luigi Gilibert.

Specialist bankers and teams from Mediocredito Italiano will select the eligible projects leveraging  the network of Intesa Sanpaolo branch offices. Loans that will be provided to innovative SMEs and Small Midcaps thanks to the InnovFin guarantee may also be granted to companies with a higher risk profile.

Individual loans will be granted at favourable conditions and can go up to a maximum of EUR 7.5 million. These will benefit from a 50% InnovFin guarantee coverage and are expected to facilitate the access to finance to innovative companies.

Commenting on the signature, the EIF’s Chief Executive, Pier Luigi Gilibert, said: “We are delighted to be signing this InnovFin SME Guarantee agreement in Italy. Intesa Sanpaolo Group already has a strong focus on SME and small-midcap lending, and this new transaction through its Mediocredito Italiano will help the bank to expand its activities into the field of innovation financing, generating additional support for Italian businesses.”  

Teresio Testa, Head of Sales & Marketing Companies of Intesa Sanpaolo and general manager of Mediocredito Italiano said:  "The initiative is part of the longstanding partnership between the ISP Group and the EIB / EIF aimed at supporting companies in our country by providing of financial resources. Now also with a guarantee instrument that will allow the financing of highly innovative projects. In this context Mediocredito Italiano will provide its experience and know-how to identify and select investment projects that will benefit from the InnovFin guarantee ".

Beatrice Covassi, Head of the European Commission Representation in Italy  said: "Better access to finance and more funding to innovative projects: these are the main benefits that today's agreement will bring to Italian SMEs and mid-caps. With this initiative, the "Juncker Plan" supports Italian enterprises investing in their future and creating jobs".

About EIF

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

About Intesa Sanpaolo

With 12 million customers and over 4,600 branches in Italy, Intesa Sanpaolo Group is the country’s leading banking group, and one of the top banking groups in Europe.

The Intesa Sanpaolo Group is the leading provider of financial products and services to both households and businesses in Italy. The Group has a strategic international presence, with approximately 1,100 branches and 7.7 million customers. The Group operates In Italy through the Banca dei Territori division: focus on the market and centrality of the territory for stronger relations with individuals, small and medium-sized businesses and non-profit entities. It includes the Italian subsidiary banks and the activities in industrial credit, leasing and factoring carried out through Mediocredito Italiano and in instant banking through Banca 5. 

About the Investment Plan for Europe

The Investment Plan for Europe - the Juncker Plan - focuses on boosting investments to create jobs and growth by making smarter use of new and existing financial resources, removing obstacles to investment and providing visibility and technical assistance to investment projects. The European Fund for Strategic Investments (EFSI) is the central pillar of the Juncker Plan. It provides a first loss guarantee, allowing the EIB group to invest in more, often riskier, projects. The projects and agreements approved for financing under the EFSI so far are expected to mobilise more than EUR 287 billion in investments and support around 635,000 SMEs across all 28 Member States. The latest figures on EFSI by sector and country can be found here.

About InnovFin

The InnovFin SME Guarantee Facility provides guarantees and counter-guarantees on debt financing of between EUR 25,000 and EUR 7.5 million in order to improve access to loan finance for innovative small and medium-sized enterprises and small mid-caps (up to 499 employees). The facility is managed by 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 EIF against a proportion of their losses incurred on the debt financing covered under the facility.

Press contacts:

EIF/EIB:

Marco Santarelli (in Rome)
m.santarelli@eib.org
tel.: +39 06-4719426
Mobile: +39 331 65 95 594
Website: www.eib.org/press 

Press Office:
press@eib.org
tel.: +352 4379 21000 

EIF:
d.yormesor@eif.org
Tel.: +352 24 85 81 346

Intesa Sanpaolo:
Media Relations
stampa@intesasanpaolo.com


 
 

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