EIF provides €50m to Illimity Bank to help finance Italian SMEs
By Gloria Methri
The European Investment Fund (EIF), part of the EIB Group, is providing two guarantees totalling €50 million to illimity Bank to improve access to finance small and medium-sized businesses (SMEs) in Italy.
These SMEs primarily focus on sustainability, innovation, and digitalisation. The EIF transactions are backed by the InvestEU program.
Through the InvestEU Innovation and Digitalisation guarantee of €25 million, illimity Bank will be able to further support innovation and digitalisation-driven enterprises.
On the other hand, the InvestEU Sustainability guarantee of €25 million will enable the bank to boost the sustainable transition of the economy, encouraging green, and inclusive investments of the target final recipients.
The transaction announced will empower SMBs to expand their operations, invest in innovation, and create new job opportunities. With a long-standing commitment to supporting small and medium businesses, illimity Bank continues its collaboration with EIF, which started in December 2021, to leverage these funds effectively and drive economic growth in Italy.
EIF Chair Gelsomina Vigliotti said, “We are pleased to partner with illimity Bank in providing substantial support to Italian small and medium businesses. Through this collaboration, we aim to address the financing challenges faced by smaller businesses and stimulate their growth. The EIF €50 million investment guarantees, backed by InvestEU, will significantly contribute to enhancing access to credit and fostering economic development in Italy.”
Corrado Passera, CEO and Founder of illimity, stated, “Our dedication to small and medium businesses is underscored by this agreement, which facilitates not only the provision of fresh liquidity during a challenging period, but also supports the funding of research, sustainable and inclusive projects, and the digitalisation of businesses. By partnering with the EIF, we can further empower companies with high-growth potential to boost their own growth and contribute to a positive transformation at an economic, social, and environmental level across the country.”
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