Credito Emiliano SpA (Credem) and CredemLeasing (CREDEM) and the European Investment Fund (EIF) have recently signed a guarantee agreement to support small and medium-sized enterprises (SMEs) and mid-cap companies, within the of the “InnovFin-EU finance for innovators” initiative, funded by the European Commission.
The agreement, signed as part of the European Union's research and innovation program "Horizon 2020", allows CREDEM to make available to innovative Italian companies a ceiling of 220 million euros in loans, payable in the coming two years, 50% guaranteed by the EIF. "The crisis has hit small and medium-sized enterprises in Italy hard: the guarantee agreement for small and medium-sized enterprises - InnovFin - will give a positive boost as it will open new avenues for financing ”, explained Carlos Moedas, European Commissioner for Research, Science and Innovation.
The agreement provides for the granting of guarantees and counter-guarantees on loans of between 25.000 euros and 7,5 million euros, intended for research, development and innovation activities by SMEs and Small Mid-Caps (companies with fewer than 500 employees). The guarantee is offered to financial intermediaries (banks or other institutions) residing in European Member States and Associated States. The coverage percentage is fixed and equal to 50% of the outstanding debt from time to time. The agreement falls within the scope of the initiatives envisaged by the Community program "InnovFin - EU Finance for innovators" supported by the European Investment Bank Group (of which the EIB and the EIF are part of) and by the European Union through “Horizon 2020”.
“By joining InnovFin, the collaboration between CREDEM and the European Investment Fund continues for the support of small and medium-sized Italian enterprises which started in 2014 with the Risk Sharing Instruments (RSI) initiative which has allowed us to finance, in a very short time , the research and development programs of over 140 companies distributed throughout the country for a total amount of 80 million euros”, declared Angelo Campani, Deputy General Manager of Credem, after signing the agreement.
