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The project consists of a Multi Beneficiary Intermediated Loan (MBIL) to Mediobanca Group entities to support small and medium sized enterprises (SMEs) as well as mid-caps in Italy.
The transaction aims to enhance access to finance to SMEs and mid-caps, mainly supporting investments carried out by micro and individual enterprises (with a minimum 60% contribution) and female owned businesses (minimum 20% contribution). Furthermore, on a best-effort basis, a portion of the allocations will be directed towards EU Cohesion Policy regions in Italy.
The proposed operation, with a minimum 60% dedication to micro enterprises and 20% female owned businesses, plus a contribution to cohesion region windows, aims to address market failures related to access to finance for SMEs, including micro and individual enterprises. Market failure arises due to information asymmetries between lender and borrower resulting in no or costly access to finance. This is particularly the case for new, micro or women owned businesses. The operation also aims to generate positive externalities by promoting access to finance for micro enterprises (i.e. with less then ten employees or self-employed), gender equality and women's economic empowerment, as well as helping to reduce regional disparities. The additional lending capacity with long-term financing and lower financing costs provided through EIB's intervention will promote access to finance for final beneficiaries and generate positive effects.
The operation falls within the scope of the EIB's Environmental and Social Standards - "Standard 11 Intermediated Finance". The Borrower / Financial Intermediary has adequate capacity, systems and processes in place for identifying, assessing, managing and monitoring environmental, climate and social (ECS) risks related to the potential sub-projects benefitting from EIB support. The Final beneficiaries will be required to comply with applicable national and EU legislation in respect of environmental and social matters, as appropriate.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.