Fondo di garanzia per le PMI (Legge 662/96) | CDP

Guarantee Fund for SMEs (Law 662/96)

Supporting the Guarantee Fund for SMEs through contributions from public and private funds

Who it is aimed at

  • SMEs, as defined by the European Commission, included in Recommendation 2003/361 / EC
  • Professionals belonging to any sector, with the exception of those excluded on the basis of the operational rules of the Fund, in relation to any type of transaction, both short and medium-long term, for liquidity and for investments.


How it works

CDP is committed to strengthening the capital of the Guarantee Fund for SMEs through counter-guarantee initiatives, using public funds from the EU or resources contributed by public or private entities, with the aim of supporting access to public guarantees for Italian companies

The guarantee of the Fund is granted, for up to a maximum of 80% of the loan.
The Fund guarantees each company or professional a maximum amount of 2.5 million euros, which can be used through one or more transactions, up to the set ceiling, without a limit to the number of transactions that can be made.
The guarantee percentage and the maximum guaranteed amount were increased on a transitional basis by Decree Law No. 23 of 8 April 2020 ("Liquidity Decree") to facilitate access to credit for companies in the Covid-19 emergency crisis period.

CDP has activated some main counter-guarantee initiatives for this instrument in order to increase the volume of guarantees issued by the Fund. This is based on using funds made available by the European Commission and managed by the European Investment Fund (EIF):

  • In 2017, CDP carried out an initial activity in the fund’s favour, using the resources from the European COSME programme, guaranteeing 80% of a portfolio of new operations originating from the latter, for a total value of 3,110 million euros.
  • In 2018, a second counter-guarantee operation, which uses the resources of the European "Creative Europe” programme  for a portfolio of new operations originating from the Fund, again at 80%, for a maximum original value of 200 million euros, which in 2020 was increased to 350 million euros, reaching a total of more than 2,200 companies working in the creative-cultural sectors.
  • In June 2019, in light of the success of the first operation supported by the COSME Programme - through which CDP guaranteed a portfolio of 2,488 million euros in less than 20 months, supporting around 47,000 SMEs, which thereby had access to financing of around 4.2 billion euros - CDP launched a new COSME operation that allowed it to issue a new 80% cover for the Fund for a portfolio of new operations worth up to 3,750 million euros.
  • In 2020, thanks to the use of the so-called "Covid-19" window, launched by the European Commission for the COSME programme, CDP increased the value of the Fund's guaranteed portfolio from 3,750 million euros to around 4,532 million euros, supporting access to loans for about 64,000 SMEs.
  • In 2021, CDP together with EGF funds, activated a new guarantee operation of € 5 billion, providing from the banks new loans for 30,000 italian SMEs, exposed to the pandemic crisis. CDP covers 80% of the new guarantees, up to a maximum amount of 3.6 billion euros. CDP will in turn benefit from a counter-guarantee granted by the EIF from EGF funds.

CDP is also authorised to set up "special sections" in the Fund, using public or private resources, with the aim of maintaining the guarantee percentage at the maximum level set by the law.

For further detailed information, please see the Guarantee Fund for SMEs institutional website: www.fondidigaranzia.it


How to apply

To apply to the Guarantee Fund for SMEs, the company or professional can contact:

  • a bank to apply for funding, at the same time requesting that the fund’s direct guarantee. The bank will then be in charge of the application;
  • to an accredited Confidi that guarantees the financing activity in the first instance and requests the fund’s counter-guarantee.

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