La Lombardy region ha introduced “Quota Lombardia”“, a measure for support small and medium-sized enterprises (SMEs) that they want to be listed on multilateral trading facilities (MTF), in particular on Euronext Growth Milan (Egm). The resolution, approved on 9 September 2024, provides for an overall budget of 25 million euro, spread over several years to ensure continuous support. The breakdown of the funds foresees an allocation of 12 million euros for 2025, followed by 9,6 million for 2026 and 3,4 million for 2027. This investment aims to Strengthen the position of Lombard SMEs in the economic landscape, allowing them to face the listing process with greater confidence and attract investors.
According to the ECM Observatory of Irtop Consulting updated to May 31, 2024, Lombardy is the first region in Italy in terms of number of companies listed on Euronext Growth Milan, with 83 companies, or 40% of the total.
Who can benefit from the measure
SMEs that are: regularly constituted and active in the Company Register at the time of submitting the application for the grant. It is necessary that companies have undertaken or intend to embark on a listing path, with a capital increase of at least 50% compared to the initial public offering. An additional requirement is the presence of a registered office and operational headquarters in Lombardy, which must be maintained for at least three years after the last disbursement of the contribution.
Types of contribution
Financial support for SMEs consists of a grant, which can reach up to 600.000 euros. This sum is divided into two main categories: a maximum of 300.000 euros for expenses related to admission to listing and another 300.000 euros for the costs of related consultancy services. It is important to note that the expenses must be incurred within three years of listing and that the regional contribution is compatible with the national tax credit, always within the limit of 50%.
Expenses eligible for the contribution
SMEs will be able to request the contribution for a series of specific expenses, including consultancy for the adaptation of the management control system, the drafting of industrial plans, financial due diligence and legal and tax assistance necessary for the listing procedure. Communication and investor relations activities are also included, which are essential to effectively present the company to investors. The measure not only aims to cover the direct costs of listing, but also encourages companies to invest in services that can improve their governance and sustainability.
Application evaluation criteria
Le applications will be evaluated on the basis of specific criteria, with a maximum score of 100 points. SMEs will have to demonstrate the quality of the proposed operation, highlighting how the listing can generate positive effects in terms of growth and strengthening of the company. The economic-financial sustainability of the project will also be a key factor in the evaluation. Additional rewards will be recognized to those who have environmental sustainability certifications, to innovative startups or to companies with a significant female or youth presence in the capital.
Provision and monitoring of the contribution
Unioncamere Lombardia will act as intermediate organism to manage the verification and reporting phase of the contribution. The funds will be disbursed annually, after verification of eligible expenses and submission of sustainability reports. The implementation of the resolution will be complete with the publication of a regulation expected for November, thus providing SMEs with the necessary guidelines to participate in the initiative.
