EIF provides €50 million to illimity Bank to promote Italian SMEs' green and digital transition

The European Investment Fund (EIF), part of the EIB Group, is providing two guarantees totalling €50 million to illimity Bank to improve access to finance small and medium-sized businesses (SMEs) in Italy. These SMEs primarily focus on sustainability, innovation and digitalisation. The EIF transactions are backed by the InvestEU programme.

Thanks to the InvestEU Innovation and Digitalisation guarantee of €25 million, illimity Bank will be able to further support innovation and digitalisation-driven enterprises. This support will enhance access to finance for research and innovation intensive SMEs and small mid-caps, as well as supporting the uptake of digital technologies and the digital transformation of enterprises. On the other hand, the InvestEU Sustainability guarantee of €25 million will enable illimity Bank to boost the green and sustainable transition of the economy, encouraging environmentally friendly, green, and inclusive investments of the target final recipients.

The transaction announced today will empower small and medium businesses to secure vital financing, enabling them to expand their operations, invest in innovation, and create new job opportunities. With a long-standing commitment to supporting small and medium businesses, illimity Bank continues its collaboration with EIF, which started in December 2021, to leverage these funds effectively and drive economic growth in Italy.

EIF Chair Gelsomina Vigliotti said: "We are pleased to partner with illimity Bank in providing substantial support to Italian small and medium businesses. Through this collaboration, we aim to address the financing challenges faced by smaller businesses and stimulate their growth. The EIF €50 million investment guarantees, backed by InvestEU, will significantly contribute to enhancing access to credit and fostering economic development in Italy.”

European Commissioner for Economy Paolo Gentiloni said: “These two guarantees are part of the InvestEU programme, which aims to encourage sustainable, digital, innovative and inclusive investments across Europe. InvestEU is playing an important role in helping small and medium-sized companies gain access to the finance they need to grow and create jobs. Thanks to this agreement, an increasing number of Italian small and medium businesses will be able to secure crucial financing to do so and drive the green and digital transitions.”

CEO and Founder of illimity Corrado Passera stated: "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. 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.”