26 June 2020
A tranche of 40 million in loans to Smes in the North-West
Banca Generali is accelerating solutions for channelling private investment in support of the real economy and companies affected by the Covid-19 emergency.
This morning a new securitization was presented as part of the "Italianonsiferma" project which will have a dedicated focus for SMEs in the Northwest. Curated by Credimi, the securitization will make 40 million euros available to the companies of Piemonte and Valle D'Aosta and will be able to count on the support of Fondazione CRT and Finpiemonte which, by subscribing the junior tranche equal to 10% of the issue, ensure a level additional capital protection for professional savers involved by the Bank.
The transaction will bring 40 million euros of loans to those companies that are struggling to access traditional financing channels in just a few weeks. The repayment of the loans will start from the end of 2021 for the next 4 years. The companies that will be able to access these funds must have fewer than 500 employees, a turnover of over 100,000 euros, be a limited company (SPA, SRL) with at least one filed balance sheet or a partnership (SAS and SNC) with at least one tax return.
The procedure is fully digital: the application is submitted online via the site Credimi.com, in a matter of mere minutes, from any device, using digitally signed documents; the response will come in just three days for companies that pass the review and creditworthiness analysis, with maximum funding of 25% of turnover. The loans granted will range in amount from €30,000 to €750,000 according to the borrower's turnover and are expected to benefit over 400 local SMEs. From an investment perspective, the securitisation programme will have a duration of six years and will offer Banca Generali's professional customers a return equal to the three-month Euribor (with a floor of -0.10) plus 3%.
Banca Generali Chief Executive Officer and General Manager Gian Maria Mossa stated: “After the health emergency, the effects of the crisis risk crippling the business community; this is why we have launched an ambitious project to bridge the gap between private investors and the real economy. This new programme, structured with Credimi, benefits from the valuable support provided by Finpiemonte and Fondazione CRT, which have chosen to support the community by subscribing for the junior tranche, which together with the government guarantees will round out protection for private investors interested in seeking new approaches to decorrelation from market risks while concretely aiding the economic recovery.”
Total net inflows exceeding last years’ levels despite the extraordinary COVID-19-related context.
Data for the 1H 2020 have been presented. The path of sustainable growth continues with profits and volumes that are confirmed at pre Covid levels.
Banca Generali ranked 12th in the Integrated Governance Index 2020