The financing and business support operations carried out by the banks continue in order to support the recovery of Italian companies struggling with the economic crisis triggered by the Covid-19 pandemic. Unicredit has in fact stipulated an agreement with Sanlorenzo and granted a loan to Rovagnati. The two operations have a total value of over 25 million euros.
THE AGREEMENT WITH SANLORENZO
Unicredit and Sanlorenzo have signed an agreement aimed at supporting companies in the nautical sector. The agreement between the bank headed by Jean Pierre Mustier and the company that produces luxury superyachts establishes the creation of a ceiling of 15 million euros. Resources that Sanlorenzo will be able to use for the benefit of its suppliers, to finance their working capital, allowing immediate access to liquidity through the advance on trade receivables due from the company.
The agreement also establishes that another 5 million euros can be used by suppliers of Bluegame, a company part of the group specializing in the design and marketing of sport utility yachts.
Going into detail, the company head of the supply chain (Sanlorenzo) will be able to use the UniCredit Factoring digital platform to pay its suppliers, uploading the invoices it intends to settle on the set deadlines. Suppliers, in turn, can access the platform and view in real time the invoices that the client company has recognized and approved for payment. Still using the platform, suppliers also have the option of transferring invoices to UniCredit Factoring, obtaining advance payment.
Simone Del Guerra, CEO of Unicredit Factoring, said: “In the first half of 2020, characterized by the pandemic and by periods of lockdown, the demand for working capital grew exponentially in Europe. This type of agreement frees up capital and resources for companies, stabilizing supply and payment cycles, allowing continuous access to credit based on a fundamental asset such as that of the strategic commercial relationship between suppliers and customers".
FINANCING IN ROVAGNATI
On 2 November, Unicredit granted the US subsidiary of Rovagnati a loan of 12 million dollars, 10 million and 194 thousand euros).
The loan has a duration of 5,5 years and was finalized thanks to the financial support of the New York branch of Unicredit. The resources will be used to build a manufacturing plant in Vineland (New Jersey) which will be completed by 2021.
“The USA represents a great opportunity for quality Made in Italy. The cured meats market generates an annual turnover of about 24 billion dollars in the country, while the imports of cured meats from Italy slightly exceed 120 million euros,” said Rovagnati. “The new production plant in NJ will allow us to increase our presence and coverage on that continent,” he concluded.
"Unicredit's support for the US activities of Rovagnati - underlines Marco Bortoletti, UniCredit Regional Manager Lombardy -, Italian excellence in the agri-food sector, responds to the logic of supporting local businesses and accompanying an entrepreneurial reality with an international vocation, active in a fundamental and strategic sector for the country, in its path of growth abroad. The transaction allows UniCredit New York to become the bank of reference in the United States for a group with important growth plans in this market”.
