The Guarantee Fund

The Guarantee Fund is an instrument set up by Law No. 662/96 (Article 2, paragraph 100, letter a) and managed by Medio Credito Centrale S.p.A., with the aim of facilitating SME access to credit, by granting a public guarantee, which replaces or accompanies guarantees of another nature, reducing the Lender’s risk on the guaranteed amount.

By Decree-Law No. 145 of 18 October 2023 (the “Fisco-Anticipi” DL) new regulations were introduced for the Guarantee Fund, valid for the period from 1 January 2024 to 31 December 2024.

SMEs (as defined by the European Commission in Recommendation 2003/361/EC) that can qualify as:

• • Micro-enterprises (enterprises employing fewer than 10 people and having either annual turnover or an annual balance sheet total not exceeding 2 million Euro, taking into account all related and associated companies);
  • Small enterprises (enterprises employing fewer than 50 people and having either annual turnover or an annual balance sheet total not exceeding 10 million Euro, taking into related and associated companies);
  • Medium enterprises (enterprises employing fewer than 250 people and having annual turnover of no more than 50 million Euro or an annual balance sheet total not exceeding 43 million Euro, taking into related and associated companies).

Amount to be determined according to the company’s needs, subject to the Bank’s assessment and the maximum amount of financing guaranteed by the Guarantee Fund per individual company, i.e. € 5.000.000.

The percentage of guarantee granted by the Guarantee Fund on the individual loan varies according to the type of company, its creditworthiness bracket (rating bracket determined on the basis of the Guarantee Fund’s Credit Rating Model), and the purpose of the guaranteed financial transaction, as outlined below:

• Investment purpose: 80% guarantee for rating brackets 1 to 4
• Liquidity Purpose: 55% guarantee for rating brackets 1 and 2; 60% guarantee for rating brackets 3 and 4
• Maximum duration 96 months.
• Pre-amortisation of up to 24 months.

For micro-enterprises, the guarantee is granted free of charge.
For other types of enterprises, the issue of the guarantee involves the payment of a fee to the Guarantee Fund equal to 0,5% of the guaranteed amount for Small Enterprises, 1% for Medium Enterprises, while it is granted free of charge for Micro Enterprises, with further exemptions provided for in the Operational Provisions (e.g. enterprises located in southern Italy, women’s enterprises, and road haulage companies).
In the event of failure to finalise the financing, following the resolution of the Board of Management of the Guarantee Fund, for reasons other than Client waiver, a fee will be payable in the amount of 300,00 Euro, if, with respect to each applicant, the annual percentage of unfinished financial operations exceeds the threshold of 5% with respect to the number of financial operations guaranteed by the Guarantee Fund during the same year for the same applicant. This fee will not be due on transactions not finalised following the Customer’s waiver of the Guaranteed Loan, provided that it is communicated to the Bank by certified e-mail.

For more information or enquiries in the case of a client company, contact your reference manager; in the case of a non-client company, contact the Reference branch or Direct Line on 800 712 433.

• Maximum funding amount of 5 million Euro.
• Guarantee of 80% for investment operations for companies in rating brackets 1 to 4 of the Fund’s rating model.
• Duration up to a maximum of 72 months.
• Type of goods financed: capital goods, semi-trailers, trailers, industrial vehicles.
• 9-month time limit for delivery of the asset/signature of the handover report (instead of 6 months), which takes effect on the date of disbursement of the loan.
• Administration fee of 500,00 Euro (instead of 1.000,00 Euro).

For the issue of the guarantee, a fee is payable to the Fund of 0,5% for Small Enterprises and 1% for Medium Enterprises, with reference to the amount guaranteed, while it is granted free of charge to Micro-enterprises with further exemption cases provided for in the Operational Provisions (e.g. enterprises located in the regions of Southern Italy, women’s enterprises, and road haulage companies).

In the event of failure to finalise the financing, following the resolution of the Board of Management of the Guarantee Fund, for reasons other than Client waiver, a fee will be payable in the amount of 300,00 Euro, if, with respect to each applicant, the annual percentage of unfinished financial operations exceeds the threshold of 5% with respect to the number of financial operations guaranteed by the Guarantee Fund during the same year for the same applicant. This fee will not be due on transactions not finalised following the Customer’s waiver, provided that it is communicated to the Bank by certified e-mail.

In order to access the Guarantee Fund, a dated application must be sent to the leasing company using the application form (Facilitation Application) published by the Ministry of Enterprise and Made in Italy at the following link https://www.fondidigaranzia.it/normativa-e-modulistica/modulistica/. The application form must be signed by the company’s legal representative and completed in full.

For further information, contact your local branch or call the Direct Line at 800 555 078.