EIF and Fondo di Garanzia to support Italian SMEs
The EU programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) has authorised Italian financers Fondo di Garanzia to support 20,000 SMEs with over €1bn in Italy over the coming year.
The European Commission has provided financial backing through the European Investment Fund’s (EIF) COSME counter-guarantee, which secures debt finance portfolios and helps provide loans for start-ups and smaller businesses.
Commission Vice-President Jyrki Katainen said: “Italy is steaming ahead when it comes to SME financing agreements under the Investment Plan, with far more deals signed than in the other member states. This is very welcome since SMEs are the backbone of the Italian economy and they should not struggle to access financing for their projects. I hope the EFSI-backed deal signed today will enable those 20,000 small businesses to bring their ideas to life.”
The agreement shows the EIF’s (part of the European Investment Bank (EIB)) response and commitment to calls from EU member states, the European Commission and the European Parliament.
Fondo di Garanzia is an Italian guarantee fund for SMEs managed by Banca del Mezzogiorno – Mediocredito Centrale S.p.A. (BdM–MCC).
EIF chief executive Pier Luigi Gilibert said: “I am pleased that we are signing this EFSI SME counter-guarantee agreement in Italy with Fondo di Garanzia under the COSME programme. This new agreement will enable 20,000 Italian SMEs to gain access to finance to create jobs and growth and develop their companies.”
The COSME programme is the successor to the Competitiveness and Innovation Framework Programme (CIP) of 2007-2013, which supported over 373,000 European SMEs by investing in excess of €20bn in loans and venture capital.
