AN ADDITIONAL €2 BILLION FOR SMEs FROM INTESA SANPAOLO TO COPE WITH RISING ENERGY COSTS
- New dedicated financing to provide liquidity to companies at a time when higher costs can jeopardise current operations
- Payments on existing loans may be suspended for up to 24 months
- The Group remains committed to promoting investment in renewable energy through financing at special terms
Milan, 5 September 2022 - Supporting SMEs in all sectors of industry, agribusiness and the service sector to cope with the higher costs of rising energy prices and encouraging investments in renewable energies: these are the goals of the €2 billion in financing made available by Intesa Sanpaolo, reaffirming its support for businesses with additional measures that also build on what the Italian government has already made available through public guarantees. The new commitment is an extraordinary measure to support businesses affected by the energy, economic and geopolitical crises as part of the initiatives supporting the NRRP, focused on one of the pillars of Intesa Sanpaolo's broader programme of initiatives for businesses, Motore Italia.
The continuing economic situation of extreme tension in the energy and gas markets is having a significant impact on the Italian economy, squeezing companies' operating margins and threatening plant closures. This general increase in the costs of raw materials, fuel and energy can make it necessary for companies to recover finance in support of their businesses. To support liquidity needs for payments and ensure that SMEs remain in business, Intesa Sanpaolo is providing specific lines of credit for companies at special terms and with the support of guarantees from the Central Fund and SACE, as provided for in the DL Aiuti ("Aid Decree Law"). The financing is intended to cover incremental costs and allows for the payment of energy bills with payments deferred over up to 36 months and a one-year grace period.
Upon request, payments may also be suspended on outstanding loans (principal amount) for a period of up to 24 months, subject to case-by-case assessment.
Intesa Sanpaolo remains committed to encouraging investment in renewable energy by all businesses, particularly SMEs, the agribusiness sector and the service sector: today's way of creating energy independence and achieving a structural solution to the current crisis situation. In June the Group made available financing of €10 billion as part of its initiatives in support of the NRRP to diversify energy sources and reduce dependence on fossil fuels, in pursuit of "energy self-sufficiency", while also seizing the opportunities provided by government programmes, particularly in photovoltaics, promoting the production of renewable energy and increasing Italy's energy efficiency.
"Companies are being forced to deal with unexpected costs that may rise further in the coming months, jeopardising production and employment," commented Stefano Barrese, Head of Intesa Sanpaolo's Banca dei Territori division. "We consider it our duty to support the liquidity needs of our customers with new measures, including extraordinary measures, to cope with the sudden compression of operating margins, while also continuing to stimulate new investments, drawing on to the government guarantees available. At critical junctures," Stefano Barrese continued, "if supported by a reliable, solvent partner such as Intesa Sanpaolo, it is possible and important to implement new projects to accelerate now indispensable energy independence and diversification of sources, as well as the modernisation of the country's infrastructure. Through the Group's recent initiatives, and in particular with the €2 billion in financing announced today, we are supporting companies to face this difficult economic situation together."
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About Intesa Sanpaolo
Intesa Sanpaolo is Italy’s leading banking group – serving families, businesses and the real economy – with a significant international presence. Intesa Sanpaolo’s distinctive business model makes it a European leader in Wealth Management, Protection & Advisory, highly focused on digital and fintech. An efficient and resilient Bank, it benefits from its wholly-owned product factories in asset management and insurance. The Group’s strong ESG commitment includes providing €115 billion in impact lending by 2025 to communities and for the green transition, and €500 million in contributions to support people most in need, positioning Intesa Sanpaolo as a world leader in terms of social impact. Intesa Sanpaolo is committed to Net Zero by 2030 for its own emissions and by 2050 for its loan and investment portfolios. An engaged patron of Italian culture, Intesa Sanpaolo has created its own network of museums, the Gallerie d’Italia, to host the bank's artistic heritage and as a venue for prestigious cultural projects.
Last updated 5 September 2022 at 16:24