SME Initiative Italy: Information note to the Call for Expression of Interest published on 21 October 2016

Additional funds to be allocated and changes in transaction terms

The EIF intends to allocate to the above-mentioned Call an additional amount of approximately EUR 220 million, thus bringing the contribution composed of ESIF and Italian national budgetary resources  for SME Initiative Italy to up to EUR 422.5 million. Through a risk-sharing mechanism, the additional contribution allocated to SME Initiative Italy will be leveraged with commercial lending and is expected to bring the total of new SME loans at favourable terms in southern Italy to EUR 3 billion.

The additional resources shall be allocated conditional upon the signature of the relevant agreements between EIF, the Republic of Italy, the EIB and the European Commission and in line with the Call, as amended by this Information Note, together with the amendments set out in Annex 1 to Information Note. The final terms and conditions of the financial agreement to be entered into between EIF and the selected financial intermediary shall take into account and comply with  any additional requirements and/or limitations provided under the applicable legal basis, the mandate documentation and the regulatory framework.

At the time of publication of this Information Note it is expected that the above conditions will be fulfilled in Q1 2020.

Financial institutions interested in applying under this Call, as amended by this Information Note, have to submit an application ("Expression of Interest") to EIF by no later than 31/10/2020. The template of such Expression of Interest can be downloaded here, also in Word including the Excel tables for the provision of additional information (as reference on page 11 of the Expression of Interest document)

Financial institutions that have already applied under the initial Call may express additional interest under this Call, as amended by this Information Note, by submitting an updated Expression of Interest, in the form of the above-mentioned template.

Financial institutions that have not applied under the initial Call are requested to submit a complete Expression of Interest in line with the provisions and requirements of this Call, as amended by this Information Note.

Notwithstanding the above, allocation of funds to a Financial institutions under the Call, as amended by this Information Note, shall be subject to any relevant EIB Group approvals that may be required.