A new instrument that will bring 300 million to the Italian creative and cultural sector has been activated from an agreement between the European Union and the Deposits and Loans Fund (Cassa Depositi e Prestiti – CDP).
An important recognition for the sector that will bring nourishment to small and medium companies active in Italy. These loans were born from the Cultural and Creative Sector Guarantee Facility program, run by the European Fund for Investments and they enter the Italian panorama thanks to a partnership with Deposits and Loans Funds in its role of National Institute of Promotion. The aim is to promote the concession of new financings to the companies which operate in creative and cultural sectors, like cinema, TV, publishing industry and architecture.
The intervention will develop a portfolio of counter-guarantees to support the Small and Medium Companies Fund (Fondo Piccole Medie Imprese – PMI) of 200 million of euros, thanks to which the PMIs will obtain financings up to 300 million of euros. In the next six months it is estimated that about 900 companies could get the access to financings, with a result of almost 3500 PMIs in the next two years.
