Factoring company Sanpaolo IMI, the European Investment Bank (EIB) and Fiat will sign a memorandum of understanding in Turin to grant an EIB loan to automotive enterprises working with Fiat Auto.
The goal, reports Sanpaolo IMI, is to help the companies that want to carry out restructuring and diversification projects, particularly small- and medium-sized enterprises (SMEs) in the areas of Turin, Cuneo, Milan, Chieti, Frosinone, Naples, Potenza and Palermo.
If the projects should aim at either maintaining or increasing employment, the EIB executive board expects the loan to cover up to 75% (compared to the usual 50% threshold).
The enterprises meeting the requirements for the loan will be chosen by Sanpaolo IMI and Fiat. The latter will also carry out a specific promotion activity among the sector-linked enterprises.
Saopaolo IMI are members of Assifact, the Italian Factoring Association, and Factors Chain International.
