Elite, a growth project for SMEs

The dimensional structure of Italian companies and the difficulty of obtaining credit are two of the "problems" at the center of the debate on the Italian economic system. Among the priorities of the new government is the creation of tools that favor the growth in size of Italian companies in order to be able to compete adequately on the world market. An instrument which, on a smaller scale, pursues these priorities is the ELITE project born from the collaboration between the Ministry of Economy and Finance and Borsa Italiana at the end of last year. This project allows SMEs that have "an ambitious growth plan" to access an "exclusive platform of services designed to facilitate change, raise capital and seize new opportunities." The project takes the form of a training and growth path, structured over a three-year period during which companies will be offered, on the one hand, training support in terms of business administration and the functioning of the financial markets and, on the other, the possibility to get in touch with a community made up of financial market agents who will be able to provide capital for the development and growth of the company. For access to the programme, it will be necessary to present a credible growth project and meet certain economic requirements, specifically: the minimum turnover of 10 million euros, the operating result exceeding 5% of the turnover and the closure of the balance sheet with a profit last exercise. There are also permanence requirements in the form of verification processes of the adjustments made by the companies in the structure and in the governance method. The cost of participation in the project is equal to 5.000 euros per year for the entire duration of the course. In the intentions of the promoters, "ELITE favors organizational and managerial development, transparency and managerial efficiency and the ability to identify the most suitable growth vectors." Furthermore, "being an ELITE company means entering an arena where the company is in the spotlight, where the comparison with leading companies is continuous, where all the tools are available to grow internal resources and find new external resources . The goal is to make ELITE companies more competitive, more visible and more attractive in the eyes of those who want to invest in the company." Borsa Italiana has signed two agreements in support of the ELITE project, the first with Fondo Italiano per gli Investimenti SGR and the second with ABI and Confindustria. We will report on these agreements in subsequent articles.