Italy’s Credem Group has invested €2bn to support the growth of SMEs.
The project, called Grancassa, already started last year and is still aimed at the same clients, but it has seen a 36% increase compared to last year’s initial investment.
Already at the end of June, Credem boosted borrowings to investors by 5.3% yoy and by 20.3% over the last five years, reaching total of €21.5bn.
The initiative is aimed at some 42,000 firms acting in sectors such as agriculture, craftsmanship and SMEs overall to help them address liquidity requirements.
Grancassa is distributed through various regions in Italy including Emilia Romagna (€500m); Lombardy (€290m); Tuscany (€150m); Veneto (€123m); Piemonte (€80m); Lazio (€70m); Campania (€177m); Apulia (€183m) and Sicily (€186m).
Massimo Arduini (pictured), head of Marketing at Credem, said Grancassa is part of a wider business plan to target growth for Italian SMEs.