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A guarantee system to develop €300 million in loans
CDP Group's commitment to help Italian enterprises to consolidate the competitiveness of the cultural and creative sector and promote economic growth continues. CDP strengthens the operations of the guarantee fund for SMEs thanks to the agreement signed with the European Investment Fund (EIF) in the "Creative Europe" Programme area, through the Cultural and Creative Sectors (CSS) Guarantee Facility. It is the first European investment tool for facilitating access to loans by creative-cultural enterprises.
The initiative labelled CDP-FEI today is the most important transaction in terms of access to credit inside the European programme for economic operators active in the sector full-scale: from visual arts, publishing and printing to radio, TV and cinema, of course not forgetting the management and preservation of cultural assets.
“The new operation is the result of the continued collaboration between CDP and national and European institutions, and represents a major growth opportunity for an entrepreneurial macro-sector that, at Community level, employs more than 7 million people and accounts for more than 4% of GDP " said CDP CEO Fabrizio Palermo. "We are pleased to enable the deployment in Italy, for the first time, of the European Commission’s Creative Europe programme's funds that, through the Guarantee Fund for SMEs, will enhance access to credit by Italian enterprises in the cultural and creative sectors”.
The agreement falls within a strategic area for Italy's economy and entails loans for €300 million for about 3500 SMEs within 24 months; the initiative is supported by the European Union through the resources of the Juncker Plan.
The CDP Group, in synergy with the European institutions, invests in order to develop the country's cultural and artistic assets, thus generating growth and employment.