Sace and Unicredit: New credit line for SME internationalisation

• €500 million earmarked under the UniCredit Group Business Italy project
• SACE to guarantee up to 70% of loans

SACE and UniCredit Corporate Banking have signed an agreement to grant €500-million of new credit lines to support Italian SMEs in developing their business abroad.

The agreement will benefit Italian businesses with a turnover of up to €250-million, at least 10% of which must be generated abroad.

SACE will guarantee up to 70% of the amount granted and the loans ranging from a minimum of €100 000 up to a maximum of €2,5-million. The loans must be used to finance internationalisation projects and the preparation of supplies to foreign markets, known as the Pre-Shipment guarantee.

Repayment will be due in 3, 5 or 7 years for the internationalisation guarantee for SMEs and in 6, 12 or 18 months for the pre-shipment guarantee.

The agreement falls within the framework of the “Impresa Italia” Business Italy project, conceived and structured by Unicredit Group to offer concrete financial support to Italian SMEs at a time of profound economic upheaval.

According to Gianni Coriani, CEO of UniCredit Corporate Banking, “Internationalisation continues to be of fundamental importance for Italian SMEs and our bank has always been the partner of reference for companies looking to expand abroad. The agreement with SACE, a leading export credit agency, is another concrete signal of our commitment to sustain the development of Italian businesses in foreign markets.”

SACE chief operating officer, Raoul Ascari said, “At this time of economic turmoil, the companies best equipped to face the challenges of internationalisation are the most reactive, thanks to their ability to diversify their activities in foreign markets. This agreement puts the seal on the concrete commitment of SACE and Unicredit Corporate Banking to work together in supporting Italian businesses and their plans for expansion.”