With three separate agreements for a total of 390 million, the European Investment Bank (EIB) and the Banco Popolare group have strengthened their collaboration to support the Italian economy. In particular, 350 million are arriving in favor of projects advanced by SMEs and mid-caps and 40 million for companies that hire apprentices (it is the first operation of its kind concluded in Italy). In the last year, overall, the finance of the EIB channeled in Italy through Banco Popolare amounted to 740 million euros.
APPRENTICESHIP (40 million)
The 40 million loan concerns projects advanced by SMEs and Mid-Caps to encourage new jobs for young people aged between 15 and 29 hired under an apprentice contract. In detail, SMEs (up to 250 employees), Mid-Caps (up to 3.000 employees) and public bodies (limited to projects in the education and training sector) that meet the provisions of Italian law can benefit from the loans 99/2013 on youth employment and apprenticeship, and therefore meet at least one of the following requirements:
– have hired at least one apprentice (three for Mid-Caps) aged between 15 and 29 under an employment contract in the six months preceding the date of signing the loan application or envisage hiring at least one apprentice ( three for Mid-Caps) in the following six months. Recruitments must lead to a net increase in employment: that is, retirements should not be included in this calculation which, therefore, do not constitute a negative change;
– offer internships and/or training programs for young people;
– have a cooperation agreement with a technical institute or secondary or vocational school or university for the employment of young people;
– have an ownership structure made up of at least 50% young people aged up to 29 years.
PMI (200 million)
200 million euros are earmarked for Italian SMEs, with the use of EIB funds at particularly favorable conditions. The loans are intended to finance both new and ongoing investments, provided they have not yet been completed. The interventions, relating to companies active in all productive sectors (agriculture, craftsmanship, industry, commerce, tourism and services) may concern the purchase, construction, expansion and renovation of buildings; the purchase of plant, equipment, vehicles or machinery; expenses, ancillary charges and intangible assets related to projects, including research, development and innovation costs; the permanent need for working capital linked to the operational activity. Banco Popolare will also provide its own resources to the beneficiary SMEs, thus increasing the overall ceiling available to support the Italian economic system.
MID CAP (150 million)
The ceiling of the total amount of 150 million euros is intended for client companies with between 250 and 3.000 employees and belonging to all production sectors, to finance needs similar to those described for SMEs.
