UniCredit allocates 100 million euros to support SMEs in Southern Italy. The new loans, with a direct guarantee from the Central Guarantee Fund for SMEs issued free of charge, are intended to facilitate access to credit for small and medium-sized enterprises operating in Abruzzo, Basilicata, Calabria, Molise, Campagna, Puglia, Sicily and Sardinia affected by the effects of the Covid-19 pandemic, thanks to shorter delivery times and particularly advantageous conditions.
In detail, the new loans add to a total portfolio of 300 million euro made available by the Banca di Piazza Gae Aulenti, thanks to the adhesion to the SME Initiative programme organized by the Ministry of Economic Development (MiSE), the European Investment Bank (EIB), the European Investment Fund (EIF) and the European Commission.
The funds made available by UniCredit, to be disbursed within the next month of October, in fact benefit from particularly competitive pricing as the bank, by virtue of agreements previously entered into with the European Investment Fund, undertakes to pay the company one discount on the final rate, with a reduction of at least 80 basis points compared to similar transactions disbursed by the bank and not included in the SME Initiative.
The objectives of the initiative are to encourage investment by SMEs of the South in this delicate phase, as well as supporting the working capital of companies affected by the effects of the health and economic crisis.
In detail, the new loans made available by UniCredit for companies in the South can meet the following purposes: working capital needs, also aimed at limiting the negative effects of the pandemic on expanding business; strengthening of company activities, creation of new projects, access to new markets or new developments.
Furthermore, they are eligible for funding (with a maximum amount of 5 million euros) expenses relating to the acquisition of tangible and intangible assets and the financing of working capital such as: inventories, personnel costs, supplier payments.
“Thanks to joining the SME Initiative – they declared Andrea Casini and Remo Taricani, co-CEO Commercial Banking Italy of UniCredit – we allow companies in the South to obtain credit more quickly and on advantageous terms, making important resources available, useful for overcoming the emergency and accelerating the restart. The initiative is further confirmation of UniCredit's commitment to companies in the South and adds to the 400 million euro disbursed in just 8 months by the bank to finance 8 companies in the South as part of a ceiling granted by CDP to support Italian SMEs and Mid-Caps particularly affected by the Covid-19 emergency"
