Faced with the coronavirus emergency, they rise from one to 7 billion euros the funds made available by Cassa Depositi e Prestiti e Sace to support Italian companies. The goal is to facilitate access to credit, exports and internationalisation.
In detail, "to facilitate or allow access to credit, CDP has expanded the ceiling for bank financing from 1 to 3 billion – reads the note – which will be disbursed at subsidized rates to SMEs and mid-caps by the financial institutions adhering to the 'Business Platform'. These resources are immediately available and will be used to support investment and working capital needs of national companies”.
On the export and internationalization front, however, Sace has allocated 4 billion "in view of the Plan for the Promotion of Made in Italy coordinated by MAECI, ICE and the CDP Group". The initiatives aim to support the need for working capital, helping companies to relaunch exports by diversifying their reference markets.
In particular, of the 4 billion put on the table by Sace, 1,5 will be guarantees to facilitate bank credit, especially for the benefit of SMEs. Others 2 billion will be secured in insurance coverage for new credit lines, with the aim of helping companies enter new markets, supporting the purchase of Italian goods and services by international buyers. A ceiling of 500 million will be employed for relaunch exports ensuring new SME operations towards other areas with high potential demand for Italian products (Latin America, Africa and the Middle East).
Finally, in collaboration with the banks, Sace will concede a moratorium of up to 12 months on guaranteed medium-long term loans, in line with the measures promoted by the Italian Banking Association (ABI) or by individual credit institutions. This measure can be extended to all companies in the national territory that have been directly or indirectly damaged by the emergency. The factoring company SACE Fct will grant an extension of the terms of grace of up to 6 months, while the insurance company SACE BT will postpone the premium payment deadline to 30 April and guarantee a 60-day extension to fulfill the other obligations under the policy.
