EIB AND INTESA SANPAOLO: 1 BILLION EURO FOR ITALIAN SMEs
• Loans will be provided through Mediocredito Italiano and are targeted at smaller businesses
• New and ongoing projects of a maximum value of €25 million and terms of no more than 15 years eligible for loans
Milan, 12 November 2015 – The European Investment Bank (EIB) and Intesa Sanpaolo have intensified their partnership for the financing of small and medium-sized enterprises. With an agreement signed today in Milan by representatives of the two institutions, the European Union bank has made a credit line of an overall value of 500 million euro available to SMEs. Intesa Sanpaolo has also pledged to make the same sum available to the beneficiaries, increasing the overall plafond set aside to support the Italian economy to one billion euro.
More specifically, the disbursements – medium and long-term loans and leases – will be allocated exclusively for the investments of smaller business with brokerage by Mediocredito Italiano, the Intesa Sanpaolo Group business finance hub.
The loans will go towards new and ongoing projects of a maximum value of €25 million and with terms of no more than 15 years.
They can be accessed by companies in all production sectors - agriculture, crafts, industry, commerce, tourism and services - and put towards the purchase, construction, expansion and renovation of premises; the purchase of systems, equipment, vehicles or machines; the expenditure, accessory costs and intangible fixed assets connected with the projects, including research, development and innovation costs; the permanent need for working capital connected with business activities.
Pure financial and/or real estate investments are excluded from the agreement.
“Intesa Sanpaolo is one of our biggest partners at European level: the work we are doing for small and medium sized enterprises in Italy has made it possible to distribute the resources of the EIB right across the country, even during the most difficult years of the recession; I am very happy with this new operation because thanks to the overall quantity of the loans made available we will really be able to help speed up the economic recovery taking place”, commented Dario Scannapieco, Vice Chairman EIB.
“For us, our long-term partnership with the European Investment Bank is a concrete way of supporting the real economy. With Italy enjoying a clear economic upturn, Intesa Sanpaolo is working to accelerate the effects of the growth process. More specifically, this year we have already provided Italian SMEs with 66% more mid- and long-term loans. Thanks to today’s agreement we are convinced that we will be able to make an additional instrument available to businesses that plan to modernise and complete their development projects”, remarked Carlo Messina, CEO of Intesa Sanpaolo.
For further information
Corporate & Investment Banking and International Media Office
Last updated 12 November 2015 at 17:25