The European Investment Fund (EIF) and UniCredit have signed a new agreement under the JEREMIE initiative in Sicily in order to support micro, small and medium-sized enterprises (SMEs) on the island.

By mobilising up to EUR 22.8 million of ERDF (European Regional Development Fund) resources allocated to the Sicily Region and additional funds made available by UniCredit, the bank will be able to provide up to EUR 50 million loans on favorable terms. The initiative will benefit Sicilian SMEs active across all economic sectors, in particular ICT, automotive, biotechnology, energy conservation and renewable energy. Loan finance will be provided for investments in tangible and intangible fixed assets as well as working capital related to the establishment or expansion of new or existing businesses.

Marco Marrone, EIF’s Head of JEREMIE operations in Italy, France, Greece, Malta, Portugal and Spain, commented: "As our mission is to enable access to finance for SMEs, a key segment to both the national and European economy, we are very satisfied to sign this new agreement with UniCredit, a consolidated partner of the EIF both for the demonstrated experience with our financial products targeting SMEs and deep knowledge of the Sicilian territory. For these reasons, we are confident that UniCredit will be able to ensure the smooth implementation of the JEREMIE programme to SMEs, to successfully support local production and entrepreneurship on the island".

"UniCredit, the first bank in Sicily for branches and market share, is strongly committed to supporting the island's economy even in such a difficult economic situation. The JEREMIE initiative enables us to provide concrete support to small and medium-sized enterprises, accounting for a large share of the Sicilian economy, and we are committed to helping also in terms of openness to international markets, taking advantage of the opportunities arising from our direct presence in several European countries and a large international network, based in approximately 50 countries. The implementation of JEREMIE allows us, therefore, to further strengthen our role as a community bank and reference point for the local business community”, concluded Giovanni Chelo, Regional Manager of UniCredit Sicily.

Notes to editors:

About JEREMIE (Joint European Resources for Micro to Medium Enterprises)

JEREMIE (Joint European Resources for Micro to Medium Enterprises) is a joint initiative launched by the European Commission (Directorate General Regional Policy) and the European Investment Bank Group to improve access to finance for SMEs in the EU within the Structural Funds framework for the period 2007 - 2013. JEREMIE enables the EU Member States and Regions to put money from the Structural Funds and also national resources into holding funds that can finance SMEs in a flexible and innovative way. The initiative aims at developing and fostering the role of entrepreneurship within the EU. At EU level, EIF is currently managing a total of 14 JEREMIE Holding Funds, of which 7 at national level and 7 at regional level.

In Italy, the EIF manages 4 Holding Funds at regional level, of which one in Campania, two in Sicily and one in Calabria mobilising EUR 210 million of European Structural Funds.
Through the selected financial intermediaries under JEREMIE, loans at preferable conditions (including micro-enterprises) have been provided to SMEs, totaling approximately EUR 134 million in Campania, EUR 20 million in Sicily and EUR 12 million in Calabria.

About 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. Through its activities, the EIF contributes to the objectives of the EU support to innovation, research, regional development, entrepreneurship, social cohesion and employment. For more information on financial intermediaries of the EIF in Italy please see: http://www.eif.org/what_we_do/where/it

Unicredit
UniCredit is a leading European commercial bank with a strong presence in 17 countries and an overall international network present in approximately 50 markets, with nearly 9,000 branches and more than 147,000 employees (31 December 2013). The Group operates the largest international banking network in Central and Eastern Europe with nearly 3,600 branches. UniCredit is active in the following countries: Austria, Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Germany, Italy, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey, Ukraine, Hungary.

Press contacts:

EIF: Emanuela Schiavoni - e.schiavoni@eif.org
UniCredit: Roberto Vitellaro - 336891222 - roberto.vitellaro@unicredit.eu