The EIF signs agreements with Banca Popolare Etica and Banca Popolare di Sviluppo to support social inclusion under the JEREMIE initiative

Press Release in Italian

The European Investment Fund (EIF) has today signed two agreements with both Banca Popolare Etica and Banca Popolare di Sviluppo under the JEREMIE (Joint European Resources for Micro to Medium Enterprises) initiative to enhance access to finance to SMEs operating in the social sector and based in Campania.

The initiative, targeting both SMEs in their start-up and growth phase, including social cooperatives, aims at promoting and supporting entrepreneurial activities involving groups who often have difficulties in accessing the traditional credit system (e.g. unemployed, immigrants, women, etc) in order to promote entrepreneurship and self-employment.

JEREMIE will enable Banca Popolare Etica and Banca Popolare di Sviluppo to make available
EUR 9.5 million and EUR 4.8 million respectively for the benefit of over 300 local companies. In detail, JEREMIE allows to deploy EU Structural Funds already allocated to the Campania Region, to which the two banks undertake to add own resources, thus doubling the total finance made available to local SMEs.

These two operations reaffirm the success of the JEREMIE initiative and its high demand from the market. Thanks to the financial intermediary selected a year ago by the EIF, to date, EUR 20 million finance has already been made available to local SMEs and in the next two years more companies in the area could benefit from these loans at attractive conditions: an important measure to improve access to credit for SMEs and thus promote productivity growth in the region.

The agreements were presented this morning at the headquarters of the Campania region in the presence of Severino Nappi, Aldermen (Assessore) Labour, Training, Emigration and Immigration policies, and Fulvio Martuscello, Regional Councillor (Consigliere Regionale). 

In the framework of the initiative, President Caldoro declared : "Supporting small and medium-sized enterprises should be a priority. In Campania we have a competitive and high-quality production system but too often local businesses are forced to close because of the difficult economic situation. We have to help those who work hard, since vibrant businesses are the future of our region. The agreements signed today by the EIF with Banca Popolare Etica and Banca Popolare di Sviluppo under JEREMIE meet this objective since they promote development and growth in our region. Campania will always play its role in supporting entrepreneurship”.

Federico Galizia, EIF Deputy Director: "The agreements signed today will allow our two new partners to enhance access to credit to those people who are often considered "non-bankable", to promote entrepreneurial initiatives helping social inclusion. In such difficult times, EIF confirms its role in support of SMEs and social finance as a tool to boost the creation of new jobs and contribute to economic recovery. "

Ugo Biggeri, President of Banca Popolare Etica: "JEREMIE is an important tool, which is perfectly in line with our mission, especially in the present times, where businesses - mostly those operating towards social inclusion - need tangible answers, such as an enhanced access to credit.  Creating a special portfolio of loan finance addressing social enterprises in Campania will give a better chance to these entrepreneurs to carry out their projects and make their investments, find new higher value-added activities and, last but not least, ensure and increase employment rates, particularly of vulnerable categories. This also represents an opportunity for us to strengthen our cooperation with social enterprises networks in the region. In particular, we believe that our collaboration with APE (Agency for the development of social cooperation) will allow us to achieve these objectives, ensuring positive qualitative and quantitative results. " 

Luigi Gorga, President of Banca Popolare di Sviluppo: “Banca Popolare di Sviluppo has decided to participate with great conviction to the JEREMIE initiative, being perfectly in line with its mission and role of local bank focused on customers needs.  Driven by a strong spirit of mutuality, BPS strongly believes in the importance of supporting social groups, such as young people and women, who have more difficulty accessing the credit system to carry out their working plans. Our region, in such a difficult economic context, needs the contribution of all political, social and institutional players to create new jobs. We are convinced that our region has a great potential, therefore we will meet our objective of supporting all local businesses creating growth and employment." 

Contacts:

• Regione Campania: Fiorella Anzano ufficiostampa.caldoro@gmail.com
• EIF: Emanuela Schiavoni  e.schiavoni@eif.org
• Banca Popolare di Sviluppo: Daniele Trosino comunicazione@bpsinweb.it.
• Banca Popolare Etica: Chiara Bannella cbannella@bancaetica.com

Notes to Editors:

JEREMIE  (Joint European Resources for Micro to Medium Enterprises)
JEREMIE is a joint initiative launched by the European Commission (Directorate General Regional Policy) and the European Investment Bank 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 structural funds and also national 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 Campania, the JEREMIE Holding Fund is financed from the European Regional Development Fund (ERDF) within the framework of the Regional Operational Programme 2007-2013 Campania. To date, at European level, EIF manages a total of 13 JEREMIE Holding Funds, of which 8 at national level and 5 at regional level. In Italy, EIF manages JEREMIE Holding Funds in Campania, Calabria and Sicily for a total amount of EUR 210 million EU Structural Funds resources.

The European Investment Fund (EIF)

EIF's central mission is to support Europe's small and medium-sized businesses (SMEs) by helping them to access finance. EIF 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 private equity funds amounted to over EUR 6bn at end 2011. With investments in over 370 funds, the EIF is a leading player in European venture due to the scale and the scope of its investments, especially in high-tech and early-stage segments. The EIF guarantees loan portfolio totalled over EUR 4.4bn in close to 220 operations at end 2011, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor.  Since 2011, the EIF has also taken an increasingly important role in the European microfinance sector managing various initiatives on behalf of the European Commission and the EIB. For more information please see: www.eif.org

For companies wishing to access funding, please refer to the list of partners of the EIF in Italy: http://www.eif.org/what_we_do/where/it/

Banca Popolare Etica

Banca Popolare Etica is the first Italian bank entirely dedicated to ethical finance. In addition to transparency in all processes, Banca Popolare Etica guarantees allocation of funding exclusively to projects of common interest: international and social cooperation (particularly related to social welfare), conservation, promotion of culture, renewable energy to organic agriculture. Created in 1999, Banca Popolare Etica now operates all over the country with 16 branches and a network of "street bankers", offering its customers a wide range of products and services : savings, checking accounts, cash, credit cards, bonds, first home buyers mortgages, personal loans and ethical investment funds.

Today Banca Popolare Etica has an authorised capital of over EUR 41 million given by its 38.000 members, a collection of EUR 766 million and a total portfolio of EUR 817 million loan finance provided in support of approximately 7.000 projects in four main areas: social cooperation, international cooperation, environment, culture and civil society. Detailed information on the activities and services offered are available at: www.bancaetica.it 

Banca Popolare di Sviluppo

The Bank was established in 2000 as a cooperative joint stock company, with an authorised capital of about EUR 24.3 million divided among more than 1800 members, upon the initiative of some important entrepreneurs and well-known professionals in the Campania region. In 2004, the capital was increased to EUR 46.1 million and members became 2,600. In 2001 the first two branches, in Naples and Nola, were opened. Beside the two already mentioned, the bank has currently seven branches: Caserta, Frattamaggiore, Naples Vomero, Naples Fuorigrotta and Nola.  

The Bank’s main mission is to support the regional economic and financial system, meeting local households and businesses‘ needs, enhancing the mutuality spirit, core value of the Bank’s activities. Primary objective of the bank is its local presence: by getting all members involved in its activities, Banca Popolare di Sviluppo reaffirms its role as a "popular bank". The bank allows indeed each shareholder to express a vote regardless of the number of shares held, in order to give equal voice to all members.

Banca Popolare di Sviluppo operates in all traditional banking sectors (deposits, loans, mortgages, asset management) targeting all markets (retail, corporate and private). It offers a wide range of products and services with a high level of quality in the management of the relationship. To date, the bank has assets under management for about EUR 800 million.