Investment Plan for Europe: EIF and Banca Cassa di Risparmio di Savigliano sign agreement for innovative businesses

The European Investment Fund (EIF) and Banca Cassa di Risparmio di Savigliano S.p.A. (Banca CRS), assisted by Banca Akros S.p.A., have signed an InnovFin agreement for SMEs benefiting from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.

The InnovFin agreement will enable Banca CRS to provide loans to innovative companies in Italy over the next 2 years with the support of a guarantee provided by the EIF backed by Horizon 2020, the EU Framework Programme for Research and Innovation. The EU support for innovative Italian companies is expected to generate a portfolio of EUR 30 million of bank loans. The signing of this agreement with Banca CRS brings a total of EUR 1.7 billion of financing to innovative SMEs in Italy.

Commenting on the signature, EIF’s Chief Executive, Pier Luigi Gilibert said: “I am pleased to be announcing this InnovFin SME Guarantee agreement with the Banca Cassa di Risparmio di Savigliano for innovative companies in Italy. The new transaction will play an important role in helping companies to access additional finance in order to innovate and grow”.

European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "It is very heartening to see so many Italian intermediary banks partnering up with the EIF to provide loans to SMEs that have the EFSI backing. I strongly urge small businesses in Italy to take advantage of this new source of financing."

Commenting on the operation, the Chairman of Banca CRS, Francesco Osella said: “We are really pleased to be part of this project. It is a great opportunity for our bank, but most of all, it’s important for the growth and development of our country. From today we have more chances to help our local companies and this is such an important occasion for them to expand and innovate business: this is the right way to be a local bank and it’s the soul of our activity.”

This transaction, implemented thanks to EFSI in Italy, reflects the EIB Group’s commitment to respond swiftly to calls from Member States, the European Commission and the European Parliament for a rapid launch of concrete initiatives under EFSI, accelerating lending and guaranteeing transactions capable of boosting jobs and growth in the EU.

Background

About the EIF

The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

About Banca Cassa di Risparmio di Savigliano S.p.A.

Banca Cassa di Savigliano S.p.A., established in 1858, is a local bank operating in Piedmont – Italy, specifically in provinces of Cuneo and Torino.  Its mission is to reinvest depositors' money into local businesses, farms, and individuals, supporting local economy growth. It has 25 branches and  197 employees.

SMEs wishing to apply for finance under the InnovFin programme can directly contact Banca CRS, at the following website: www.bancacrs.it and e-mail address: regise@bancacrs.it

About the Investment Plan for Europe

The Investment Plan focuses on removing obstacles to investment, providing visibility and technical assistance to investment projects and making smarter use of new and existing financial resources. The Investment Plan is already showing results. The European Investment Bank (EIB) estimates that by February 2016, the European Fund for Strategic Investments (EFSI) triggered more than €60 billion of investment in Europe.

Find out the latest EFSI figures including a break-down by sector and by country here. For more information see the FAQs.

About InnovFin

InnovFin

About Horizon2020

http://ec.europa.eu/programmes/horizon2020/en

Press contacts:

EIF: David Yormesor
Tel.: +352 24 85 81 346, e-mail: d.yormesor@eif.org 

Banca Cassa di Risparmio di Savigliano S.p.A.: 

Tel.: +39 01722031, e-mail: regise@bancacrs.it

European Commission: Annika Breidthardt