Mediocredito Italiano (Intesa Sanpaolo Group) and Sace Bt : agreement on cinema and tv productions
Innovative solutions to facilitate access to credit
Milan, 10 June 2013. Mediocredito Italiano, the Intesa Sanpaolo Group bank specialised in financing the development of small and medium-sized enterprises, and SACE BT, a SACE Group company specialised in credit insurance, sureties and construction risk insurance, announced they have finalised an agreement to support film and television producers and facilitate their access to credit at a crucial time for the economy of the industry.
The agreement, signed by Mediocredito Italiano General Manager Carlo Stocchetti and SACE BT General Manager Claudio Andreani, will allow film and television producers to provide their main clients (such as RAI, SKY and Warner) with surety bonds, which are increasingly requested to guarantee the performance of obligations under audio-visual production contracts.
Through Mediocredito Italiano, as its bank specialised in supporting SMEs, Intesa Sanpaolo will be able to provide film market participants with an all-round service including:
· cover for project costs;
· a dedicated specialised service through its Media & Entertainment Desk, focusing in particular on the time gap between cash inflows and outflows that is typical of the industry, by structuring the most suitable financing solutions;
· the surety bond required by audio-visual production contracts.
“The agreement aims to strengthen our role as a specialist Bank playing a leading role in the support of the film industry”, said Mediocredito Italiano General Manager Carlo Stocchetti. “We are continuing along the path we have been pursuing for years, which has allowed us to gain specific expertise in sectors that are strategic for our country. Indeed, our structures are capable of grasping the technical and industrial value of projects and providing a dynamic and forward-looking assessment of the company, as a supplement to the traditional creditworthiness analysis. Being a partner of SACE BT means being able to offer entrepreneurs in the film industry all-round assistance and consultancy services to facilitate and support concretely the growth of their businesses and the country’s economy”.
“Access to credit is a crucial requirement for business development,” said SACE BT General Manager Claudio Adreani. “In an adverse economic environment like the one we are currently experiencing, we believe that this synergy with Mediocredito Italiano can significantly favour the provision of finance, by providing companies with an integrated package of services and allowing for the sustainable planning of development projects. We are very glad to be a part of this project, which reiterates and reinforces the support SACE BT is offering to an industry playing a major role for our country, not just financially, but also culturally”.
SACE BT is the SACE Group company specialised in credit insurance, sureties and construction risk insurance. It offers its products through its offices in Rome, Milan and Modena and has a network of 51 agents and 121 brokers located throughout Italy. The SACE Group also provides export credit, investment protection, financial guarantees and factoring services. It assists over 25,000 Italian companies in more than 180 countries, guaranteeing more stable cash flows and turning insolvency risks into development opportunities.
Mediocredito Italiano SpA is the bank of the Intesa Sanpaolo Group specialised in SME development. An integral part of the Banca dei Territori division, Mediocredito Italiano is run by General Manager Carlo Stocchetti, and mainly serves companies with turnovers of between 2.5 and 150 million euro, along the industrial and specialised credit supply chain. The Mediocredito Italiano service model can rely on the professional skills of more than 350 experts and intends to support the Intesa Sanpaolo Group network through a policy of excellence and specialisation, with ad-hoc financial packages and specific consultancy services for all investment requirements.
For further information:
Intesa Sanpaolo SACE
Banca dei Territori Media Office and Local Media Press Office
Tel. +39 0287962677 Tel. +39 066736448
Last updated 10 June 2013 at 11:03