Everything is ready for the start of “Resto al Sud”, the incentive that supports the creation of new entrepreneurial activities by young people under 36 residing in the 8 regions of Southern Italy. Starting from 12.00 on Monday 15 January 2018, in fact, aspiring entrepreneurs will be able to apply on the Invitalia website to ask for the concessions.
Rest in the South is promoted by the Minister for Territorial Cohesion and the South, Claudio De Vincenti, is managed by Invitalia and has a budget of 1.250 million euros. “The Mezzogiorno has started to grow again, but now we need to consolidate the results achieved in the last three years. With Resto al Sud we aim to overturn the perception of doing business in the South, from a chimera or impossible prospect to a driving force for growth - he said Domenico Arcuri, CEO of Invitalia – For the first time, the government has implemented an incentive that can cover up to 100% of the investment proposed by new entrepreneurs. I would like to remind the young people who will submit their requests that there will be no click day on January 15, there are no deadlines or rankings. We will examine all the proposals strictly following the chronological order and we will finance only those in compliance with the requirements established by law and which contain a valid and sustainable business project. All in a transparent manner and with completely digitized procedures. The particularly large financial envelope – concluded Arcuri – will allow us to support a very large number of new businesses”.
TO WHOM IS IT ADDRESSED?
Resto al Sud is aimed at young people aged between 18 and 35 residing in Abruzzo, Basilicata, Calabria, Campania, Molise, Puglia, Sardinia and Sicily, who do not have a permanent employment relationship, who are not owners of other active businesses , who have not benefited from other concessions in the last three years. The application can be submitted by individual young people or groups of young people who, after 21 June 2017, have set up or will set up respectively sole proprietorships or companies, including cooperatives.
What can be done
It is possible to start entrepreneurial activities in all sectors, with the exception of the professions and commerce. The maximum funding is 50.000 euros for each applicant, which can reach a maximum of 200.000 euros in the case of multiple applicants (already incorporated or close to being incorporated).
What does it finance
The loans may be used for interventions on real estate, for the purchase of machinery and equipment or computer programs and services, to cover the start-up costs of the activities, but not the planning, consultancy or personnel costs. Advice and assistance will be offered free of charge by institutions accredited by Invitalia.
The benefits
The subsidies are provided on a de minimis basis and cover 100% of expenses. They consist of a non-refundable grant equal to 35% of the spending program and a bank loan for the remaining 65% granted by a credit institution that adheres to the agreement between Invitalia and ABI. The bank loan is guaranteed by the Guarantee Fund for SMEs and must be repaid in 8 years, two of which for pre-amortisation. A contribution is also foreseen which will cover the interest.
How the question is presented
The application can be submitted exclusively online on the Invitalia website. Anyone wishing to apply for incentives must therefore register with Invitalia's online services and then enter the reserved area. Rest in the South is not a tender: therefore there are no deadlines or rankings. Applications are evaluated based on the chronological order of arrival, until funds are exhausted. The outcome of the evaluation is normally communicated within 60 days of the submission of the application.
