Intesa Sanpaolo has signed an agreement with Assopellettieri, the association that represents the interests of Italian leather goods companies, aimed at offering members and Mipel exhibitors, the most important international exhibition of leather bags and accessories in the world scheduled at Fiera Milano-Rho from 20 to 23 September, a package of solutions that allow companies to participate in the fair without anticipating resources.
The fashion sector, and with it the leather goods sector, has been hit hard by the Covid-19 emergency. Suffice it to say that in just four months, from January to April, exports fell by 28%.
The agreement between the bank led by Carlo Messina and Assopellettieri will therefore allow companies participating in Mipel to access forms of bridge financing, with the possibility of deducting a part of the sums made available by Simest as part of the measures envisaged by the revolving fund refinanced in the 'Cura Italia' Decree, an initiative which provides for the recognition of a non-repayable contribution of 50% in favor of exhibitors costs and subsidized loans for the remaining 50%.
In detail, Intesa Sanpaolo has predicted two different formulas:
• short-term loans through credit lines with a duration of 18 months minus 1 day, 6 of which for pre-amortization at favorable conditions starting from the preliminary costs;
• medium-long term loans with a term of up to 72 months and pre-amortisation of up to 36 months to encourage investments and liquidity.
The loans will be joined by the extension of the measures envisaged by the liquidity decree regarding access to the Central Guarantee Fund and Sace's Italian guarantee.
Stefano Barrese, head of Banca dei Territori of Intesa Sanpaolo commented: “In a period of exceptional difficulty marked by the consequences of the pandemic, we are even more aware of our role as a driver of the real economy to encourage recovery. The initiative with Assopellettieri confirms our commitment, as the leading bank in the country, towards a strategic sector for the restart and with a great ability to attract international investors also thanks to the important MIPEL exhibition showcase. Through this agreement we will continue and be at the forefront alongside Italian companies and, in particular, we will provide the necessary support especially in speeding up the preliminary investigation times in the disbursement of loans".
