Italy’s Credito Valtellinese signs agreement with EIF to support SMEs
European Investment Fund and Credito Valtellinese have signed a €100m agreement to support innovative business in Italy.
The agreement aims at improving lending to Italian SMEs under the Risk Sharing Instrument (RSI), a joint initiative of the European Investment Bank Group and the European Commission.
This agreement allows Credito Valtellinese to provide innovative companies in Italy with access to a total of up to €100m of debt finance over the next two years and with support of the 50% guarantee offered by the EIF. This will make it easier for Credito Valtellinese to offer innovative companies additional financing at favourable conditions.
The aim of the RSI Facility is to encourage banks to lend to SMEs and small mid-caps with fewer than 500 employees in need of investment financing and/or operating capital to support research, development and innovation activities. Banks are being selected by the EIF following a call for expression of interest for financial intermediaries across Europe.
This is the third RSI agreement in Italy and thirteenth in Europe, bringing the total loan finance available to innovative businesses across the EU to above €1bn.
EIF head of guarantees, securitisation & microfinance Alessandro Tappi said: “I am pleased to have signed this agreement in Italy under the new Risk Sharing Instrument (RSI) in support of innovative small and medium sized enterprises.
“Thanks to the provision of a 50% guarantee, EIF will be helping Credito Valtellinese to provide a much needed funding to innovation-driven businesses across the country.”
Miro Fiordi, Managing Director of Credito Valtellinese, added: “The agreement signed with EIF will provide further support to Italian SMEs.
“Given the particularly uncertain framework for companies experiencing difficulties in accessing credit, this agreement represents a tangible support and a strong action aimed at strengthening relations between Credito Valtellinese Group and Italian firms.”