EIB and Mediobanca make available €200 million in new finance to microenterprises and female-led entrepreneurs

The European Investment Bank (EIB) and Mediobanca have signed a new €100 million agreement designed to improve access to credit for Italian small and medium-sized enterprises (SMEs), with a particular focus on microenterprises, female-led entrepreneurs and businesses operating in cohesion regions.

This €100 million contract was signed by EIB Vice-President Gelsomina Vigliotti and Group Chief Financial Officer of Mediobanca Emanuele Flappini. This is the first agreement between the EIB and Mediobanca in which the funds will be primarily intermediated by Mediobanca’s subsidiary, Compass Banca. It is estimated that the EIB’s funding will help unlock up to €200 million of new finance for the real economy.

The funds made available by the EIB will be deployed by Mediobanca in the form of new loans on favourable terms, aimed at boosting the competitiveness of beneficiary companies and fostering new investments. Of the total financing for Italian small businesses, 60% of the funds will be reserved for microenterprises (companies with fewer than 10 employees), while 20% will be allocated to companies led by women or to projects that contributes to promote gender equality. Special attention will be paid also to companies operating in cohesion regions in central and southern Italy. 

EIB Vice-President Gelsomina Vigliotti said: “Supporting access to credit for microenterprises, female-led entrepreneurs and businesses operating in less developed regions of Italy means investing in the future of the country. Inclusion and territorial development are two key pillars of the EIB’s investment strategy: no real growth can prosper unless it is equally distributed, and no innovation exists if whole regions or segments of the working population are excluded. With this agreement, we aim to make the Italian economy more cohesive, dynamic and sustainable.”

Group Chief Financial Officer of Mediobanca Emanuele Flappini said: “Promoting the growth of Italian companies has always been our goal, a commitment that has gradually adapted to the changing needs of today’s economy, which now mostly comprises small and medium-sized businesses. We are therefore delighted to begin this collaboration with the European Investment Bank. We aim to commit more funds to microenterprises, paying particular attention to female entrepreneurs and areas of the country facing major difficulties, and in this way develop a plan enabling us to express ‘responsible banking’ values, a distinctive factor of our DNA, which will help create a more cohesive, dynamic and sustainable Italian economy.”