Banco Desio and the fintech company active in digital factoring, Credimi have allocated $56.4 million (€50 million) for SMEs. The resources, coming from Banca Brianza, are being used to subscribe Credimi’s securitization vehicles.
The proceeds will be destined to the companies affected by the corona crisis and located in the 45 provinces of Lombardy, Umbria, Liguria, Lazio, Piedmont, Veneto, Emilia-Romagna, Tuscany, Marche and Abruzzo regions. Companies in the aforementioned areas will be able to apply for loans covered at 90% by the guarantee fund, for an amount equal to 25% of the 2019 turnover.
The loans – with a duration of 5 years, one year of pre-amortization and the start of repayment in September 2021, are available to companies with less than 500 employees and a turnover in excess of $113,000 (€100,000). The procedure to request them is completely digital and the answer is received within 3 days.
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A perfect collaboration between the banking and the fintech sector
Alessandro Decio, CEO and General Manager of Banco Desio, commented: “This is another important step to better support the economy of the territories where we operate. Having signed the agreement with Credimi will make it possible to combine fintech technology with Banco Desio’s solidity and proximity to the customer. The business world, especially in this particular situation, needs quick answers and simplified procedures. We are convinced that this partnership will make it possible, providing SMEs with an agile tool to deal with the emergency and access the necessary liquidity in the most streamlined way, also in line with the requirements of the decree.”
Ignazio Rocco, founder and CEO of Credimi, added: “50% of the funding requests we receive today already come from the provinces where Banco Desio operates, which are among the areas most seriously affected by the COVID-19 emergency. The collaboration between Banco Desio and Credimi is another example that shows how the various financial actors can work together to improve this country. Thanks to our agreement, Banco Desio has decided to support the territories in which it operates, providing liquidity in the most effective and fastest possible way for that group of smaller companies with fewer resources available. Many companies are in fact afraid of never reopening again, but there are also many others that are trying to reinvent themselves: being able to access credit quickly and with little bureaucracy allows them to have the resources to recover or completely rethink the business model because, after the COVID-19 pandemic, nothing will be the same as before.”
The company Credimi is active in invoice financing
Founded by Ignazio Rocco di Torrepadula, former senior partner of BCG, together with a team of young people with technological and financial experience, Credimi is active in invoice financing and loans to SMEs. To date, the company has raised over $20 million (€18 million) worth of capital from investors, thanks to two different rounds: the first $9 million (€8 million) in two successive tranches closed in February 2016 by well-known entrepreneurs and finance professionals and the other $11.2 million (€10 million) in September 2018, led by UV2 (United Ventures sgr) and Vertis Venture 2 Scaleup (Vertis sgr).
Credimi has reached $838.8 million (€742.7 million) in cumulative terms since the start of operations, of which $549 million (€486 million) in 2019 alone. Last year, the company also started to operate in the medium-long term.
Banca Sella entered into a partnership with Credimi
Last May, Banca Sella, already active in open banking, as part of the initiatives it is launching to support the economy and customers in difficulty due to the COVID-19 emergency, signed an agreement with Credimi, in which it also holds an interest.
Thanks to this partnership, Banca Sella will be able to guarantee its customers, who carry out economic activities within the scope of the so-called Liquidity Decree, even quicker timescales for the management of loan applications provided for by the Decree, which provides for the possibility of requesting a loan of up to $28,000 (€25,000) or in any case no more than 25% of 2019 revenues, with 100% coverage of the guarantee fund.
The agreement between Generali and Credimi
Last April, Credimi structured the Italianonsiferma securitization with Generali, through its Extraordinary International Fund launched to face the coronavirus emergency, which will be anchor investor of the junior tranche, with a share of $11.3 million (€10 million) on a final funding target of $113 million (€100 million). Last March, on the other hand, the fintech company launched Credimi Start, a new financing product dedicated to very small companies and startups, to help them overcome the difficult market situation created by the coronavirus contagion. At the beginning of 2020, Credimi launched Credimi Capitale Umano, a financing formula aimed at supporting the growth of SMEs and employment in Italy, launched in partnership with Openjobmetis, the employment agency listed on the Star segment of Borsa Italiana.
In July 2019 Credimi securitized a portfolio of loans with a gross value of $14.7 million (€13 million) originated under the Credimi Futuro initiative. During the year, other loans originated by Credito Futuro for a total of $22.6 million (€20 million) were securitized, while more than $45 million (€40 million) were originated under the other medium/long-term loan initiative, called Credimi Flexi.
In addition, according to BeBeez reports, during 2019 Banca Generali placed a structured product with underlying $68 million (€60 million) of medium/long-term loans to Italian SMEs that were offered on the Credimi platform. As of today, Banca Generali is studying with Credimi a new investment commitment on medium/long-term loans to SMEs, again for a product to be offered to its professional customers.
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