Business loans: here is everything you need to know to access

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The state-guaranteed business loan machine began in recent days with the dual channel represented by the SME Guarantee Fund managed by the Centrale Medium Credit and of Sace with the new “Italy guarantee“But there are many problems among the possible beneficiaries of the new measures provided by the liquidity decree approved by the government. That is why theAbi (The Italian Banking Association) has published further clarifications by summarizing the most frequently asked questions about access to financing in a single document, which also takes into account the work carried out by Sace and available on the company’s website (www.sacesimest .it) guaranteed. Here are the most common questions.

1- Can SMEs access the Sace guarantee?
According to the liquidity decree, the small and medium-sized companies to which they are destined 30 billion euros guarantee, they can request access to the Sace guarantee only after they have exhausted their credit limit with the Guarantee Fund. For smaller companies, then, there is a simplified procedure that concerns companies with less than 5,000 employees and with a turnover of less than 1.5 billion euros and for all loans of up to 375 million euros. In this case, the guarantee release times are faster: within 48 hours after the bank request, according to the instructions provided by Sace himself.

2 – What procedure should large companies follow?
For the largest companies, as established by the Decree, the release of public coverage is decided with decree of the Ministry of Economyafter listening to the Ministry of Economic Development, based on Sace’s research. The guarantee is issued taking into account the role of the beneficiary company in Italy with respect to a series of profiles, ranging from the contribution to technological development to the impact on strategic infrastructures, to the impact on employment and market levels labor. For the release of the guarantee, a commission of a different amount is foreseen depending on whether the beneficiary is an SME (including the self-employed or self-employed), in any case not exceeding 200 basis points. The fees charged by banks are limited to covering the costs of the investigation and are in line with the provisions of the EU Temporary Framework on State aid. The costs applied to the loan must be lower than those that the bank would have applied in the absence of coverage, as documented and attested by the legal representative of the lenders.

3 – Are new loans granted after the entry into force of the Decree admitted in the guarantee of Italy?
To allow the system to benefit from the liquidity made available with the decree approved by the Government, new loans disbursed by the banking system will also be accepted after the decree entered into force on April 9, 2020 and before submit the request to Sace. to the extent that they comply with legal and disciplinary requirements.

4 – What is self-certification for?
The specification, born from the work of the working group between Sace and Abi, uses the self-certification instrument, provided that the beneficiary company requesting the financing assumes the responsibility, civil and criminal, of declaring compliance with a series of restrictions and anticipated conditions. in the primary standard, including the absence of financial difficulties prior to the Covid-19 epidemic, the purpose of the funding, the commitment not to distribute dividends during 2020 and to proceed with the management of personnel problems through union agreements.