Investment Plan for Europe: EIF and Credito Valtellinese sign agreement to benefit innovative Italian SMEs

The European Investment Fund (EIF) and Credito Valtellinese s.c. (CREVAL), assisted by Finanziaria Internazionale, have signed an InnovFin agreement for SMEs benefiting from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.

The InnovFin agreement will allow CREVAL to provide loans to innovative companies in Italy over the next 2 years with the support of a guarantee provided by the EIF and backed under Horizon 2020, the EU Framework Programme for Research and Innovation. The EU support for innovative Italian companies is expected to generate a portfolio of EUR 150m of bank loans.

Commenting on the signature, EIF’s Chief Executive, Pier Luigi Gilibert said: “I am pleased to be announcing this InnovFin SME Guarantee agreement with CREVAL for the benefit of companies in Italy. We have partnered with CREVAL previously and are convinced that they will rapidly support innovative and growing businesses in need of finance”.

Carlos Moedas, European Commissioner for Research, Science and Innovation, said: "Innovation is a key driver for job creation and economic growth in Europe. We want to help Italian businesses access the capital they need to turn their innovative ideas into reality.  With today's €150 million agreement we are doing exactly that."

Commenting on the operation, CREVAL’s Chief Executive, Miro Fiordi, said: “The agreement signed with the FEI enables us to further support SME activities and represents a tangible sign to strengthen more and more the relationship between Gruppo Creval and enterprises in a particularly complex period due to the market conditions and the economic situation.

The operation, set thanks to the FEIS in Italy, mirrors the EIB Group's commitment to respond quickly to the demands of member states, and the other one of the European Commission and the European Parliament to speed up the use of secured loans with the aim of promoting the creation of jobs and growth within the EU”.

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.

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.

About Credito Valtellinese s.c.

Credito Valtellinese Group, cooperative banking group, listed at  MTA of Borsa Italiana Spa (London Stock Exchange Group), counts over 160.000 shareholders. The Group operates in eleven Italian regions through more than 520 branches, distributed among its local banks - Credito Valtellinese, Credito Siciliano and Carifano - and approximately 4.100 employees. Parent Company is Credito Valtellinese, established in Sondrio in 1908, following a traditional, cultural and catholic row pursuing from the beginning a business model  deeply involved in the socioeconomic development and enhancement of its traditional reference areas. Consistently with its guiding principles, the banking activity is mainly intended for families, small and medium sized enterprises, artisans and professionals and moreover - as a vocation and tradition - for nonprofit organizations: an intangible wealth constantly expanding and now close to 980.000 relationships.

About the Investment Plan for Europe

Investment Plan for Europe

About InnovFin

InnovFin

About Horizon2020

http://ec.europa.eu/programmes/horizon2020/en

Press contacts:

EIF: David Yormesor:  e-mail: d.yormesor@eif.org

Credito Valtellinese: Raffaella Premoli,  premoli.raffaella@creval.it Website: www.creval.it