EIB, Banco BPM make €500m available to SMEs, agribusinesses
The European Investment Bank and Italy's Banco BPM have signed an agreement to make €500 million in new funding to small and medium-sized enterprises and agribusinesses in the country.
Of that amount, €200 million is reserved for SMEs, €200 million for mid-caps, and €100 million for agribusinesses, with a 10% share dedicated to “young farmers” under 41 years of age.
The loans are intended to fund either new or existing projects providing these have not yet been completed. Loans to businesses operating in all productive sectors (agriculture, crafts, industry, retail, tourism and services) can be allocated for the purchase, construction, extension and refurbishment of buildings; the purchase of plant, equipment, vehicles or machinery; expenses, additional charges and intangible assets related to the projects, including research, development and innovation costs; and ongoing working capital requirements for operational purposes. The loans can have maturities of up to 12 years.
