Italy Extends SME Guarantee Fund to Crowdfunding with New 2026 Framework

Starting January 7th, 2026, the PMI Guarantee Fund officially opens to lending crowdfunding operations.

The MIMIT ( Ministry of Mitigation and Mitigation) decree introduced a comprehensive regulatory framework that allows accredited platforms to apply for public guarantees to protect investors, with coverage of up to 80% for productive investments and up to 50% for liquidity needs. For Italian SMEs seeking alternative sources of financing to bank loans, this is a concrete opportunity worth exploring now.

In this article, we explain how the mechanism works, which companies can benefit from it, how platforms are accredited, and when it will become operational in practice.

SME Guarantee Fund for Crowdfunding: in brief

What it is: the public guarantee of the PMI Fund extended to lending crowdfunding operations on accredited platforms

For whom: SMEs with fewer than 250 employees and a turnover of less than 50 million euros, with regular contributions and taxes

Amount: Coverage up to 80% for productive investments, up to 50% for liquidity, maximum €5 million per company

When: Decree of January 7th, 2026, effective from the publication in the Official Journal of the Operational Provisions updated by MCC

How: through crowdfunding platforms accredited by MCC (Medio Credito Centrale), with the request submitted directly by the platform

What has changed with the MIMIT decree of January 7th, 2026?

The interministerial decree signed by the Ministry of Business and Made in Italy implements Article 18, paragraph 6, of Legislative Decree 34/2019 (Growth Decree, converted into Law 58/2019). Prior to this measure, the Guarantee Fund for SMEs operated exclusively through traditional banking channels: businesses submitted their applications through a credit institution, which requested a counter-guarantee from the Fund.

The new decree introduces a different mechanism, designed to adapt to the structure of crowdfunding operations. There is no intermediary bank: there is an accredited platform, a company raising capital, and a pool of private investors lending money. The decree regulates four key elements:

the methods of access to the guarantee Fund for crowdfunding operations
the maximum amount of the guarantee that can be granted
the procedures for the restitution to investors of the sums deriving from the enforcement of the guarantee
the requirements for the accreditation of platforms

Operational advice: If you’re considering crowdfunding as a source of funding, contact Consob-authorized platforms immediately to see if they’re in the process of accrediting the Fund. The first accredited platforms will have a significant competitive advantage in attracting investors, and you may benefit from better terms during the launch phase.

How the guarantee fund works: the triangular mechanism

The technical functioning of the crowdfunding guarantee differs from the traditional banking model due to the structure of the parties involved. Guaranteed crowdfunding involves three distinct actors.

Who does what: company, platform, and investors

The accredited platform submits the guarantee request to the Guarantee Fund on behalf of the company raising the funds. The guarantee benefits investors, who are protected in the event of the company’s insolvency. The ultimate beneficiary remains the company, which, thanks to public backing, can more easily attract the capital it needs.

This “triangular” scheme is the main innovation compared to traditional guarantees: the protection is not for the bank, but for the individual retail investors who finance the company through the platform.

Coverage percentages and maximums
Type of operation Warranty coverage Maximum per company
Productive investments up to 80% €5,000,000
Working capital and liquidity up to 50% €5,000,000

The €5 million ceiling per individual company is aligned with the general rules of the SME Guarantee Fund. The differentiated coverage reflects the greater risk associated with liquidity transactions compared to structured investment transactions.

Requirements for SMEs: who can access it

To benefit from the crowdfunding guarantee, companies must meet the general requirements of the SME Guarantee Fund, with some specific requirements related to the alternative channel.

Dimensional requirements

They must fall within the European definition of SMEs: fewer than 250 employees and an annual turnover of less than €50 million, or a balance sheet total of less than €43 million.

Administrative requirements

Requirements: valid DURC (contribution compliance), no serious tax irregularities, and no pending insolvency proceedings (bankruptcy, liquidation, or composition with creditors).

Special conditions for innovative startups and SMEs

Innovative startups and innovative SMEs registered in the respective special sections of the Business Register have access to simplified procedures and enhanced coverage. For these companies, guaranteed crowdfunding becomes a particularly attractive tool for financing high-tech projects, alongside other startup financing tools already available.

If you’re considering registering as an innovative startup to access preferential terms on this and other tools, read our step-by-step guide to registering as an innovative startup .

Please note: The Fund’s guarantee for crowdfunding operations is not yet operational as of the date of this article. The provisions of the decree of January 7th, 2026, will become effective only upon publication in the Official Journal of the Operating Provisions updated by the MCC. The Fund’s Management Board must first incorporate the contents of the decree into its operating regulations: this step typically takes a few weeks from the signing of the decree.

Crowdfunding platforms: how to get accreditation

Platforms wishing to offer their users the Fund’s guarantee must obtain specific accreditation from MCC, separate from the Consob authorization already required to operate.

The decree requires that platforms be already authorized by Consob pursuant to EU Regulation 2020/1503 on European crowdfunding service providers for businesses. However, MCC accreditation is not automatic: it requires additional verification of organizational requirements, operating procedures, and, in particular, the companies’ creditworthiness assessment systems.

Once accredited, the platforms submit their guarantee requests through MCC’s IT platform, with approvals generally arriving within a few business days of the completed request. This timeframe must not impact the typical speed of crowdfunding operations, which is one of the channel’s competitive advantages over bank lending.

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(Featured image by Lukasz Radziejeweki via Unsplash)

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First published in INCENTIVIMPRESA. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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