The European Investment Fund (EIF) and Credito Emiliano and Credemleasing (Credem), assisted by Finanziaria Internazionale, have signed a guarantee agreement to support small and medium-sized enterprises (SMEs), as part of an initiative financed by the Commission European.
The new agreement signed as part of the Risk Sharing Instrument (RSI) initiative allows CREDEM to make available to innovative Italian companies a ceiling of 80 million euros in loans, payable by the end of 2015, 50% guaranteed by the EIF.
This is the sixth CSR agreement signed in Italy and the twenty-seventh in Europe and brings the total amount of funds made available to innovative companies in EU countries to approximately 2,5 billion euro. Commenting on the signing of this agreement in Reggio Emilia, Alessandro Tappi, Head of Guarantees, Securitization & Microfinance of FEI, said: “I am delighted with the signing of this agreement with CREDEM in Italy in support of innovative small and medium-sized enterprises. This deal outlines an EIF-backed package of finance for the country, which I am convinced will help innovative businesses."
Angelo Campani, Deputy General Manager of Credem, declared: “The guarantee provided by the EIF represents an important tool that combines well with the Group's strategy aimed at supporting and improving services to companies. In particular, thanks to the support of the guarantee provided by the Fund, the Group intends to increase the volume of loans and leases disbursed in support of innovative SMEs, through a product at favorable rates capable of facilitating their access to credit. It is our belief that companies that invest in research and development are the ones that will best know how to interpret the evolutionary trends of the market and improve their competitive level."
“Risk-Sharing Instrument (RSI)”
The RSI aims to support banks in providing loans to small and medium-sized enterprises carrying out research, development and innovation activities. The RSI is a joint initiative between the EIF, the European Investment Bank (EIB) and the European Commission. As part of this programme, the European Investment Fund offers guarantees to banks and leasing companies that finance micro, small and medium-sized enterprises. The guarantee covers, in the event of default, up to 50% of the outstanding amount of each loan. The offer is aimed at financial or credit institutions, incorporated and operating in the EU and/or FP7 associated countries, including, Iceland, Liechtenstein and Norway, Switzerland, Israel, Turkey, the former Yugoslav Republic of Macedonia, Serbia, Albania, Montenegro, Bosnia and Herzegovina, the Faroe Islands and Moldova.
The European Investment Fund (EIF)
The main mission of the European Investment Fund is to facilitate access to credit by micro, small and medium-sized enterprises. To this end, the EIF offers its intermediaries (banks, guarantee institutions, leasing, venture capital funds, etc.) a wide range of financial products using its own funds or those managed on behalf of the EIB and the European Union. In this role, the EIF promotes EU objectives in support of innovation, research and development, entrepreneurship, growth and employment. At the end of 2013, the EIF's total net investments in support of private equity funds amounted to over €7,9 billion. With a guaranteed portfolio of over 5,6 billion euros, the European Fund is one of the main guarantee institutions in support of European small and medium-sized enterprises and microfinance.
Credem Group
The Credem Group is one of the leading listed Italian private banking groups with a market capitalization of around 2 billion euro. The Group is based in Reggio Emilia and operates nationwide, in 19 regions, through 629 branches, business centers and financial shops. There are 5.651 employees, 768 financial advisors, 263 financial agents at Creacasa (a Group company specializing in mortgages, household loans and insurance products), 95 financial agents specializing in salary-backed loans. Furthermore, the Credem Group is active in all areas of commercial banking in Italy and operates, through its subsidiaries, in the management of mutual funds, leasing, factoring and insurance and wealth management.
credemleasing
Credemleasing, founded in 1980, is one of the leading leasing companies in Italy, present in all financial leasing sectors: vehicle (leasing, long renting, private leasing), instrumental, real estate and naval. The company operates with its branches located in Emilia Romagna, Lombardy, Piedmont, Tuscany, Veneto, Lazio, Campania, Puglia, Calabria and Sicily and through the distribution network of the Credem Group.
