Despite the difficult situation created by the Covid-19 pandemic, the global market continues to speed up and Italian companies intending to look beyond the borders of our country now have an additional tool.
Simest, the company of Cassa Depositi e Prestiti (state controlled fund and deposit institution group) which supports Italian companies in their internationalization process, has recently announced that, starting from June 3rd, 2021, new subsidized loans for export and internationalization will be available. The initiative, which has been a great success in recent years, is available to all companies (small, medium and large) investing in new projects in both EU and non-EU countries.
Financing for Internationalization
The so-called “Financing for Internationalization” consists of a low-interest loan, issued without the need for any guarantee from the beneficiary company, and a non-repayable portion (between 25% and 50% of the total) for a maximum of 100,000 Euros.
The activities for which it is possible to request financing are varied and range from capitalization activities to expenses for participation in international fairs, exhibitions and missions.
Among these activities stands out the possibility, for all companies that have filed at least two financial statements, to apply for a financing between 50.000 and 4 million Euros for entering foreign markets. Through these funds, beneficiary companies will be able to set up offices, showrooms, stores, after-sales service centers and, in general, promotional activities in the country of destination. Companies may also establish warehouses/after-sales service centers in Italy, if required for the internationalization program.
E-Commerce Solutions
In order to meet the growing demands of the market, Simest has also provided for financing equal to 100% of the budgeted expenses for the development of e-commerce solutions in foreign countries. Applicant companies will be able to use the funds both for the creation of their own e-commerce platforms and for the research of solutions through the use of already existing markets, as long as the IT infrastructure is used to market goods and services produced in Italy or, in any case, distributed under an Italian brand name. In case of self-owned platforms, the maximum amount the Company may receive will be equal to 450,000 euros, while for the use within existing markets, a maximum of 300,000 euros may be requested.
Recruitment
Finally, companies that have filed at least two balance sheets will be granted sums of between 25,000 and 150,000 euros to support expenses for the recruitment of professionals who can contribute to the internationalization process. Temporary Export Managers will be considered, engaged by means of a consultancy services contract, professionals specialized in marketing, innovation and any sector, provided that the services offered are useful in the process of opening up to foreign markets.
We at D’Andrea & Partners Legal Counsel constantly monitor the latest developments in the field of internationalization. Please feel free to contact us at info@dandreapartners.com for more information.
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