Investment & Fund Management

The European Investment Fund (EIF), in collaboration with Cassa Depositi e Prestiti (CDP) and KfW, addressed the challenge of limited access to credit for small and medium-sized enterprises (SMEs) in Italy. The specific issue was the need for long-term funding solutions for SMEs, which were often hindered by traditional financing barriers. To tackle this, the EIF, CDP, and KfW executed a securitisation transaction involving leases to SMEs, with a total investment of EUR 65 million in mezzanine notes backed by a first demand guarantee from the EIF.

This tailored solution was part of the ENSI (EIF-NPIs Securitisation Initiative), aimed at enhancing SMEs' access to finance through innovative funding mechanisms. The collaboration not only facilitated immediate funding but also set a precedent for future investments in the sector. The transaction allowed Iccrea Banca Impresa to secure long-term funding, which is expected to be reinvested into new leases for Italian SMEs over the next two years. This initiative exemplifies how strategic partnerships among financial institutions can effectively address the financing gaps faced by SMEs, thereby promoting economic growth and stability in the region.