Revolving pledge: a new support tool for the DOC and DOCG wine sector
Intesa Sanpaolo has developed the “revolving pledge”, a nationwide project to support premium wine producers who will be able to convert the stocks of the finest wines in their cellars into collateral, in order to secure new lines of credit.
The revolving pledge project is open to wineries producing DOC and DOCG wines. In addition, consortia for the protection of the many other designations present in Italy and their control bodies may also be interested in the revolving pledge project.
Intesa Sanpaolo’s project benefits from the collaboration of Federdoc – the national confederation of the voluntary consortia for the protection of Italian wine designations – and Valoritalia – a company leader in control activities on DOCG, DOC and IGT wines and control body for organic wine and organic farming.
Agriculture is one of Italy’s most important productive sectors, which is why Intesa Sanpaolo has created its new Agribusiness Department, a centre of excellence expressly dedicated to agriculture, a fundamental sector of Italy’s real economy.
To promote and facilitate access to the revolving pledge, Intesa Sanpaolo has already signed agreements with several wine consortia, including:
- Consorzio di Tutela dei vini del Trentino
The wine companies associated with Consorzio di Tutela dei vini del Trentino will be able to take advantage of specific consultancy in the processes of innovation, digitization, internationalization, export, growth, management and enhancement of warehouses through financial tools and workshops.
Companie will also have access to an offer consisting of credit lines and short, medium and long-term loans with the possible support of subsidized financing products.
The memorandum of understanding also provides medium-term financing for the aging of wine, business improvement for the purchase, construction and renovation of cellars, purchase of land and vineyards, rural properties and companies, as well as for investments in machinery and equipment.
- Consorzio di Tutela Barolo e Barbaresco Alba Langhe e Dogliani
Under the revolving pledge agreement with the Consorzio di Tutela Barolo e Barbaresco Alba Langhe e Dogliani, the area’s finest wines may be turned into collateral to secure a 5-year loan, with a pre-amortisation period, to cope with the difficulties in the sector, re-establish a financial balance in the company and invest in a turnaround.
In order to support the revolving pledge, the Piedmont, Valle d’Aosta and Liguria Directorate has allocated a credit facility of €50 million, while the Consortium has acted as an intermediary with respect to the actual needs of the wineries and will continue to play an active role in the initiative.
- Consorzio Franciacorta and Consorzio Tutela Vini Oltrepò Pavese
The wine companies associated with the Consorzio Franciacorta and Consorzio Tutela Vini Oltrepò Pavese will be able to access credit lines and short-, medium- and long-term financing with the possible support of subsidized finance products.
The agreement will allow member companies of the Consorzio Franciacorta and Consorzio Tutela Vini Oltrepò Pavese to access specific credit facilities to finance investments with a positive impact on sustainability, also activating access to Intesa Sanpaolo’s Agricoltura Impresa product, aimed at wine ageing, business improvement for the purchase, construction and restructuring of cellars, the purchase of land and vineyards, rural property and businesses, as well as for investments in business machinery and equipment.
Access to credit by wine companies can be facilitated through recourse to the consolidated operations of the ISMEA direct guarantee and the extension of the Medio Credito Centrale guarantee offered by the Liquidity Decree to the agricultural sector.
- Consorzio di Tutela Vini DOC Sicilia
The memorandum signed by Intesa Sanpaolo and Consorzio di Tutela Vini DOC Sicilia (the Consortium for the Protection of Sicilian DOC Wines) together with Istituto Regionale del Vino e dell’Olio (the Regional Institute of Wine and Olive Oil or IRVO) supports the revitalisation of the Sicilian wine sector by aiding member companies in the process of internationalisation and export development, while also creating a working table to analyse and develop the Sicilian wine sector. IRVO will be responsible for the verification and attestation activities as control body of the units pledged by Consorzio di Tutela Vini DOC Sicilia to Intesa Sanpaolo.
Last updated 28 October 2021 at 17:18:47