All the new Cdp-Bei-Mcc guarantees for SMEs
Cdp, Fei (Bei) and Mcc together for one of the largest guarantee operations ever carried out in Italy with EGF funds to activate 5 billion in new loans for 30 thousand SMEs
Two different agreements that will make it possible to activate five billion of new loans from the banking system in favor of Italian small and medium-sized enterprises. This is the main objective of the initiative carried out by Cassa Depositi e Prestiti (Cdp) together with the European Investment Fund (Fei, EIB Group) and Mediocredito Centrale (Mcc), manager of the Guarantee Fund for SMEs (Guarantee Fund ).
This is what we read in a note from the Cdp group (Cassa Depositi e Prestiti (headed by the CEO, Dario Scannapieco.
It is a large complex, one of the largest portfolio guarantee operations ever undertaken to date in Italy with the pan-European guarantee fund (Pan-European Guarantee Fund or EGF), part of the package of measures by 540 billion approved € by the European Union to respond to the economic impact of the pandemic, underlines the note from CDP: "It is estimated that the agreements signed will support access to credit at advantageous conditions for about 30 thousand Italian SMEs exposed to the pandemic crisis, thus aiming to safeguard also employment levels ".
THE STRUCTURE OF THE OPERATION
In detail, the structure of the transaction is based on a portfolio of new guarantees originating from the Guarantee Fund for SMEs up to a maximum amount of 4.5 billion euros, of which Cdp will counter-guarantee 80% (therefore up to to 3.6 billion euros). In turn, CDP will benefit from a counter-guarantee granted by Fei – of which the European Investment Bank (EIB) is the main shareholder – based on EGF resources. Thanks to the significant leverage effect of the operational framework, it is estimated that new loans to SMEs for over five billion euros can be activated.
THE OBJECTIVES OF THE CDP REGISTERED TRANSACTION
The operation is aimed at further strengthening the operational capacity of the Guarantee Fund for SMEs in support of the Italian productive fabric, underlines the Cdp group. The initiative follows an initial agreement signed by Cdp in July with Bei for the granting of guarantees, again within the EGF program, up to € 600 million in support of CDP's financing operations in favor of of mid and large corporate.
THE ROLE OF MCC
The Guarantee Fund for SMEs, managed by Mediocredito Centrale on behalf of the Ministry of Economic Development, represented the main public operational tool for dealing with the pandemic crisis in support of Italian companies. In fact, from March 2020 to September 2021, 2.4 million requests for guarantees were received for an amount of approximately 198 billion euros, the note notes.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/tutte-le-nuove-garanzie-cdp-bei-mcc-per-le-pmi/ on Thu, 16 Sep 2021 13:22:31 +0000.