The European Investment Fund has provided Milan’s illimity Bank with two guarantees totaling €50 million. The deal aims to promote access to capital for Italian SMEs, particularly those operating in the sustainability, innovation, and digital transformation sectors.
Under the InvestEU programme, €25 million via InvestEU Innovation and Digitalisation fund is earmarked to support Italian innovation and digitalisation-driven enterprises, with another €25 million via the InvestEU Sustainability fund will be geared towards helping organisations working on green and sustainability projects.
"illimity was born out of a commitment to support and bolster the entrepreneurial landscape in Italy. Our dedication to small and medium businesses is underscored by this agreement, which facilitates not only the provision of fresh liquidity during a challenging period, but also supports the funding of research, sustainable and inclusive projects, and the digitalisation of businesses,” commented illimity CEO and Founder Corrado Passera. “By partnering with the EIF, we can further empower companies with high-growth potential to boost their own growth and contribute to a positive transformation at an economic, social, and environmental level across the country.”