The new Corporate Crisis Management Fund is active and has an endowment of 300 million euro, to which they will be added another 250 million in 2021. The green light comes with the publication in the Official Gazette of the decree signed by the Minister of Economic Development, Stefano Patuanelli. The provision, in fact, activates the “Fund for the protection of employment levels and the continuation of the business activity”, this is the full name of the new instrument set up by the government with the relaunch decree.
The Fund, explains the Mise in a note, allows the State to enter the capital of companies in crisis (through Invitalia) with a maximum investment of 10 million euros and for a period not exceeding 5 years. The objective of the Fund, continues the ministry, is to facilitate the restructuring of companies in difficulty, providing for a combination of investment aid and employment protection.
In addition to holding companies historical brands of national interestcan access the Fund companies with more than 250 employees and those which, regardless of the number of employees, carry out a strategic function for Italy, playing a key role in promoting the development and well-being of the community.
The intervention in risk capital must be accompanied by a contribution from private investors of at least 30%. The ceiling of 10 million applies to all interventions and can only be exceeded if only they participate also Regions or other local administrations. The exemption for SMEs also applies in cases of a six-month extension of the extraordinary redundancy fund due to termination.
"It is an innovative fund, which we strongly wanted to enhance the tools available to the Government, in order to find solutions to company crises through new restructuring processes - explains the Undersecretary for Economic Development, Alessandra Todd – These are interventions in compliance with European legislation, which have a strategic importance in dealing with the consequences of Covid on the country's productive fabric. Furthermore, the provision introduces the ban on relocation for at least 5 years. With the Fund, Italy is once again making concrete industrial policy, protecting workers and investing in Made in Italy”.
