Italy: EIF and the joint venture between UniCredit – MedioCredito Centrale sign the first agreement under JEREMIE to benefit SMEs in the Campania Region

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The EIF and a joint venture between UniCredit S.p.A. and MedioCredito Centrale S.p.A. signed today an agreement in the framework of the JEREMIE (Joint European Resources for Micro to Medium Enterprises) initiative aimed at improving access to finance and providing additional resources to entrepreneurs in the Campania Region. This is the first operational agreement under JEREMIE with an Italian financial intermediary.

With the JEREMIE contribution, the transaction will have a leverage effect of more than 2 times. Under this agreement, EIF will provide EUR 70 million to the joint venture, which undertakes to build a new SME loan portfolio of about EUR 156 million loans at reduced interest rates to SMEs based in Campania.

Loans will be provided to SMEs, with a particular emphasis on innovative and high-growth businesses, such as those in the information technology, automotive, biotech, aerospace and renewable energy sectors. Funding for each company will be given by the banks for a period of up 8 years and for maximum EUR 500,000.

The signing event, between EIF, represented by Mr. Dario Scannapieco, EIB Vice-President responsible for operations in Italy, Malta and the Western Balkans, UniCredit S.p.A., represented by Mr. Felice Delle Femine, Responsible for Southern Italy, and MedioCredito Centrale S.p.A. represented by its President, Mr. Massimo Sarmi, took place at the headquarters of the Campania Region, in the presence of its President, Mr. Stefano Caldoro.

“JEREMIE is part of the investment strategy implemented by the Campania Region to support growth and competitiveness of the local business sector, which needs to become again an engine for the development of Southern Italy. In such a difficult economic situation, this initiative is the best solution for enhancing access to finance to SMEs and social micro-enterprises”, added Mr. Caldoro.

The economy of Southern Italy have traditionally been a priority for the EIB Group, with a particular focus on SMEs financing: in the period 2006-2010, 3,647 SMEs in the region have benefited from our loans, totaling EUR 384 million "said Dario Scannapieco.”The agreement signed today between the EIF and the two Italian banks allows to mobilise EUR 70 million from the EU Structural Funds, which will be matched by resources of UniCredit and MedioCredito Centrale. By providing loans at favorable conditions, further funding will be made available to the local SMEs to support them facing the difficult financial situation.”

"The agreement between EIF and UniCredit confirms the role of MCC as a development bank supporting businesses - says Massimo Sarmi - and offers to local SMEs new opportunities for growth and investment, especially those operating in innovative sectors, providing resources for development plans. With this initiative, which improves ​​SMEs access to finance, MCC provided support for numerous centres of excellence for manufacturing and production in Southern Italy, with a positive impact on employment. "

 "We have been working quite hard to reach this agreement since we strongly believe that, at this stage, it is essential to give all possible support to SMEs. In the Region we provide finance to over 50,000 businesses with a market share of 16.50%. Today, more than ever, we are ready to do our part, believing and investing into local entrepreneurs. With a budget of 86 million, this important transaction enhances investments in strategic sectors for the growth of the regional economy”, Felice Delle Femine added.

Note to the editors:

About JEREMIE (Joint European Resources for Micro to Medium Enterprises)
JEREMIE is a joint initiative launched by the European Commission - DG Regional Policy and the EIB Group to improve access to finance for SMEs in the EU within the Structural Funds framework for the period 2007 - 2013. JEREMIE enables the EU Member States and Regions to put money from the EU Structural Funds and also national and regional resources into holding funds that can finance SMEs in a flexible and innovative way. The new initiative aims at developing and fostering the role of entrepreneurship within the EU in order to meet the objectives of the Lisbon Agenda and help structural funds to deliver greater benefits to the market. At the level of the European Union, the EIF has currently signed 8 national and 4 regional Holding Fund agreements. Through the JEREMIE Holding Fund in the Campania Region, the EIF manages funds made available from the European Regional Development Fund and related public expenditure awarded for utilisation under the JEREMIE initiative. As part of the Regional Operational Programme (“Programma Operativo Regionale Campania FESR 2007-2013”) Campania Region has agreed to dedicate resources to the implementation of the JEREMIE initiative with EIF.

About the European Investment Fund (EIF)

EIF is part of the EIB Group, its major shareholder. EIF's central mission is to support European SMEs by helping them to access finance.  EIF primarily designs and develops venture capital and guarantees 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. The EIF total net commitments to venture capital and private equity funds amounted to over EUR 5.4bn at end 2010. With investments in over 300 funds, the EIF is the leading player in European venture capital due to the scale and the scope of its investments, especially in the high-tech and early-stage segments. The EIF commitment in guarantees totalled over EUR 14.7bn in close to 160 operations at end 2010, positioning it as a major European SME loan guarantees actor and a leading micro-finance guarantor.

About the European Investment Bank (EIB)

The EIB supports the strategic and policy objectives of the European Union by granting long-term loans for economically viable investment projects. The EIB’s shareholders are the 27 EU Member States. Italy is one of the four leading shareholders, along with the United Kingdom, Germany and France, each holding a 16.2% stake in the Bank.

UniCredit

UniCredit is a major international financial institution with strong roots in 22 European countries and an overall international network present in approximately 50 markets, over 9,600 branches and 160,000 employees as of 31 March 2011. In the CEE region, UniCredit operates the largest international banking network with nearly 3,900 branches. The Group operates in the following countries: Austria, Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Germany, Hungary, Italy, Latvia, Lithuania, Kazakhstan, Kyrgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.

For more information on the conditions to request a loan in the Campania Region, in the framework of this agreement, please consult: https://www.unicredit.it/it/piccolemedieimprese/finanziamenti/finanziamentiagevolati/jeremiecampania.html

MedioCredito Centrale (MCC)

MCC is a leading Bank in soft loans market, offering a wide range of products and services to Italian National and Regional Authorities in support of public policies for entrepreneurship. MCC is specialised in structuring and managing a wide range of financial instruments, broken down by objective and methodology, enhancing the implementation of Public Administration’s strategies in support of the production system. On 1^st August 2011 Poste Italiane S.p.A. completed the acquisition of MCC as part of the project for the creation of the Bank of Southern Italy (Banca per il Mezzogiorno) promoted by the Italian Ministry of Economy and Finance.

Press contacts:

• EIF: Emanuela Schiavoni, Tel.: (+352) 42 66 88 326 - e.schiavoni@eif.org
  
• EIB: Marco Santarelli, Tel. :3316595594, m.santarelli@eib.org
• UniCredit: Alberto Morici, Tel. (+39)0667078653, Alberto.Morici@unicredit.eu - Biancamaria Verde, Tel. (+39)0667078658, Biancamaria.Verde@unicredit.eu ; For more information on the conditions to request a loan in the framework of this agreement, please consult: https://www.unicredit.it/it/piccolemedieimprese/finanziamenti/finanziamentiagevolati/jeremiecampania.html
• MCC: Cesare Garganese, Tel. (+39)0647913272 - cesare.garganese@mcc.it -
  Poste Italiane: Patrizia Lombardo, Tel. +39 06 59589941 - Patrizia.Lombardo@posteitaliane.it
• Regione Campania: Luciano Buglione -Tel. : (+39) 0817962383, ufficio.stampa@regione.campania.it