Few know it in the general public but the CFI (Cooperazione Finanza Impresa) is a kind of small Cassa Depositi e Prestiti, a public institutional investor which, on the basis of the Marcora law, has the function of supporting cooperative enterprises, entering their share capital and finance fixed investments under certain conditions. In essence, especially in these times, it is a holy hand for businesses and for work but with the concern of saving employment but also of not wasting public money on old welfare practices as was done by Gepi and other bandwagons in inauspicious times. Camillo De Berardinis, CEO of CFI, explains what it is today and what its true social and entrepreneurial philosophy is in this interview with FIRSTonline
FIRSTonline – Doctor De Berardinis, your CFI was born in 1986, on the basis of the "Marcora" law (n°49/1985), to support workers buy-out operations through the establishment of worker cooperatives in the industrial sector and then has gradually modified and expanded its mission. Today, 27 years after the actual start of the activity, there are important legislative innovations for the role that the company can play in safeguarding productive activities and employment. What exactly is it about?
DE BERARDINIS – With the reform that took place in 2001 (L. 57), the Marcora law broadened the range of its operations, intervening not only in cases of workers buy-out from industrial companies in crisis, but also in the social cooperation sector. The other new element introduced in 2001 was that of the possibility, for financial Marcora, not only to enter the risk capital of companies, but to make loans for fixed investments. The new elements introduced in 2003 by the company law reform made it necessary to update the law, which would allow for an expansion of the range of financial instruments to be used to respond to the new demand from cooperatives. In fact, support for fixed investments, even more so in a moment of widespread crisis like this, only partially responds to the demand of businesses, which today need above all liquidity to support their business, to finance their work portfolio, also due to the accentuated difficulties in collecting receivables, especially from public administrations.
In short, it was necessary to adapt the Marcora, while respecting its spirit, introducing modifications that would increase the possibilities of intervention. An objective that was achieved this year, thanks to the action of the Central Cooperatives and to a renewed attention from the Government and Parliament towards the Marcora model as an intervention for the protection of employment which has been translated into three measures, which envisage : the establishment of the "privilege" on the loans of the Marcora company; the expansion of the range of financial instruments to operate in support of businesses; the transfer of the Foncooper funds in Sicily and Valle d'Aosta to the financial Marcora.
There is no doubt that this result demonstrates not only appreciation for the work done in recent years, but also the interest in intervening in support of small and medium-sized enterprises which represent a cornerstone of the country's economy and which, at this time, faced with a crisis that heavily affects the productive system, they have fewer means and tools to deal with its consequences. It will now be up to the cooperative organizations and the Marcora finance companies to demonstrate that they know how to make the best use of the new resources and new instruments made available.
FIRSTonline – From many quarters, even in recent times, critical voices have been raised on the real effectiveness, not to mention the waste, which have marked public intervention in policies and instruments to support the production system. What does the experience achieved by CFI teach from this point of view? Can you summarize the activity from the establishment of the company up to today, clarifying what results the resources employed have given in terms of safeguarding employment and costs for the State?
DE BERARDINIS – An important element highlighted by CFI's experience is that the interventions carried out have shown to be particularly significant under various profiles. The first is that of effectiveness, because the investments made have made it possible to safeguard more than 9.000 jobs. Results obtained with an average investment per employee which is below 18 thousand Euros. In short, with limited resources and which, among other things, fall within the revolving fund and therefore allow for further uses in support of other business projects. The other important element is the ability of these companies to hold up on the market, despite being, in many cases, cooperatives born from companies in crisis: compared to a survival rate of Italian companies, according to lstat data for the last five years, equal to about 50%, that of the companies financed with the Marcora exceeds 1%. In short, a completely different path has been followed, and with positive results, from that of non-finalized interventions to support employment or the use of social safety nets (mobility, layoffs) which, however, do not create business and opportunities for development.
FIRSTonline – We recalled that, initially, CFI was born to support those workers who wanted to try to take over, transforming themselves into cooperative entrepreneurs, all or part of the business of the company in crisis of which they were employees. A "mission" which, while remaining a priority, has made room for different types of intervention. How has the business evolved over the years?
DE BERARDINIS – CFI is a subject whose mission is to create or safeguard employment by promoting business, it is not a "merchant bank". One of the fields on which it is moving, therefore, is that of developing synergies and collaborations both with the cooperative organizations to which it refers, in particular with their territorial and sectoral articulations to identify new projects in which to invest, and with the trade unions and employment agencies to be an active player in the search for solutions in situations of crisis and corporate restructuring that affect employment levels.
Another important area is that of supporting companies confiscated from mafia crime, with the aim of helping them overcome one of the most critical elements: business continuity. It is necessary to build a "task force" with the presence of cooperative and trade union organizations, the Ministry of Economic Development and CFI, which supports the agency that administers the assets confiscated from the mafia to identify and select projects that allow workers to acquire the their business and to ensure continuity of their work. If, in fact, after the confiscation the companies are forced to close within a couple of years, a negative effect is produced on the workers of these companies, on their families and on the territory which risks nullifying the goodness of a essential tool for the fight against organized crime. The experience gained by CFI in evaluating and supporting business projects can give, in collaboration with the subjects I have mentioned and with associations such as Libera Terra, an important contribution to an intervention of great social as well as economic value. This intervention could, among other things, be facilitated by making a change to the law, which provides, for cooperatives made up of workers of the confiscated companies, that the Marcora financial companies can take shares based on the capital subscribed by the worker members, even if paid in less than 50% as currently foreseen.
FIRSTonline – Are there new sectors of intervention for Cfl?
DE BERADINIS – As I mentioned earlier, until 2001 CFI only intervened in workers buy out operations involving industrial companies in crisis. Then these interventions were extended to social cooperatives. Now the reference scenario is rapidly changing and new professional figures and new sectors are also entering the cooperation which can find an answer in the types of intervention of the Marcora law. Just to give a few examples, I mention the sector of drug distribution, planning, healthcare (also in relation to the innovations envisaged by the "Balduzzi decree"). In short, some lines of work are opening up that require us to be attentive to the novelties that emerge on the front of the demand for intervention. However, it is important to underline that, even in these new sectors, we are always talking about labor cooperation. The members work as a cooperative and through the cooperative form they organize their work as professionals or technicians in new sectors in a different way.
FIRSTonline – The European Economic and Social Committee, in an opinion on industrial transformations of April 2012, underlined the positive role of cooperatives even in times of crisis and indicated in the Marcora law and in the CFI a best practice in the field of business transfers to employees. Do you think that this opinion has somehow favored the recent legislative innovations and that it will in any case be able to broaden the company's ability to intervene?
DE BERARDINIS – I think the position expressed by the EESC is really important. For cooperation, in general, as a form of enterprise capable of reacting to the crisis; for the Marcora law and for CFI, in particular, which are indicated to the European Parliament and to the countries of the Union as a model of intervention for the transfer of businesses to employees. It is a nice recognition of our activity and, at the same time, a stimulus to strengthen and qualify it especially in a difficult phase such as the current one.
