Rest in the South: Invitalia call and application requirements

Green light to applications for the new initiative to support young people who want to open a business in the South - Here's how the facilitation works, who it's aimed at and how to submit the application.

Open a small business in Southern Italy to work and create jobs. A dream? So far it has been for many, but now there is one more tool to turn it into reality. It's called Rest in the South, an initiative launched by the State that you can sign up for today, Monday 15 January, starting at 12.

Here is a brief guide based on the information provided by Invitalia, the national agency for investment attraction and business development, which manages the project.

WHAT IS RESTAURANT IN THE SOUTH?

Rest in the South makes 1,25 billion euros available to young people who want to launch new entrepreneurial activities in the eight regions of the South: Abruzzo, Basilicata, Calabria, Campania, Molise, Puglia, Sardinia and Sicily.

Basically, you can receive up to 50 thousand euros to start a business that produces goods or services in various sectors: from tourism to catering, from transport to agriculture. However, commercial activities and those of freelancers are excluded.

If the request comes from several subjects who have already set up or are setting up a company, the loan can go up to 200 thousand euros, which is also the maximum value for spending projects.

HOW DOES THE BENEFIT WORK?

The concessions cover 100% of the expenses, divided as follows:

35% non-refundable;
65% through a bank loan guaranteed by the State. Translation: the credit is disbursed by one of the institutions that have signed the agreement between Invitalia and Abi and there is no need to present particular guarantees. The loan must be repaid in eight years.

WHO ARE THE RECIPIENTS?

All young people between the ages of 18 and 35 can benefit from the Resto al Sud concessions, provided they meet certain conditions:

Have residence in one of the eight regions of the South at the time of submitting the loan application or transfer it after the application has been accepted.
Not have a permanent employment relationship for the entire duration of the loan.
Not already owning a business.

Companies are also admitted, including cooperatives, sole proprietorships set up after 21 June 2017 or teams of people set up within 60 days (or 120 if resident abroad) from the positive outcome of the assessment.

WHICH PROJECTS ARE FINANCIAL?

Here is the list provided by Invitali:

interventions for the restructuring or extraordinary maintenance of real estate (maximum 30% of the expenditure plan);
new plant, equipment and machinery;
computer programs and telecommunications services;
other expenses for starting up the business: raw materials, consumables, utilities and rental fees, leasing fees, insurance guarantees up to a maximum of 20% of the expenditure plan.

Consultancy, planning expenses and those related to employees are not eligible for funding.

REST IN THE SOUTH: HOW TO SUBMIT THE APPLICATION

Don't panic: today is not a "click day", that is, whoever arrives first does not win. All proposals will be evaluated within two months of submission.

The application, which must include the documentation and the entrepreneurial project, can be submitted exclusively online, through the Invitalia web platform.

Before sending the request it is necessary:

register for Invitalia's online services by filling out this form;
download i facsimile of the form;
have a digital signature and a certified email address (PEC).

To prepare the project, you can request free assistance from one of accredited subjects with Invitalia: the list is this, but the list is being updated.

Check out the infographic.