The European Investment Fund (EIF) and Confidi Systema! have signed an agreement under the European Commission’s InnovFin initiative, to provide €26m in financing to innovative Italian small and medium-sized enterprises (SMEs) and small mid-caps over the next two years.
EIF is providing a counter-guarantee that will enable Confidi Systema! to increase its guarantee volumes and, as a result, assist SMEs in accessing credit. The transaction is expected to generate a portfolio of up to €26m of bank loans that will benefit over 200 companies located mainly in north-western Italy.
European Commission vice-president, Jyrki Katainen, said: “Italy continues to perform exceptionally well under the Investment Plan. Thousands of Italian SMEs are already reaping the benefits of the EFSI. I am delighted that, with today’s agreement, a further 200 companies will gain access to the finance they need to innovate, expand and create jobs.”
EIF Chief Executive, Pier Luigi Gilibert, added: “I am very pleased to see EIF and Confidi Systema! concluding this cooperation under the EFSI umbrella, a transaction which will generate benefits for Italian businesses. As one of Italy’s major credit guarantee companies, Confidi Systema! is very well positioned to reach out to Italian SMEs in need of financing.”