Guidelines established for a nationwide joint action between the Chambers of commerce and AssoConfidi to boost SME access to credit.

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AssoConfidi and Chambers of commerce signed an agreement that sets up some guidelines applicable throughout the country for the support from the chambers to the Italian Mutual Guarantee Societies (Confidi), which are increasingly identified as a specific instrument of industrial policy due to their direct knowledge of the territory and their mutualistic model.

The agreement recognizes the public contribution for the sustainability of the Confidi system of and fixes some key principles for the collaboration with the Chambers of Commerce:

1. Improvement of own funds

The budgetary law called ‘Salva Italia' has foreseen the possibility - for public entities and thus also for the Chambers of Commerce - to participate in the own funds of Confidi that are recognized as financial intermediaries (“Confidi 107”) not just as sponsoring members (which was already possible under the framework law on Confidi), but also as full members. This participation could represent a fundamental contribution to fulfill the own funds requirements demanded by Banca d'Italia as financial supervisor from financial intermediaries.

The same way, the possibility will be considered to allow a direct contribution to the own funds of Confidi 107 through financial instruments without having to become a full member and without changes to the cooperative shareholder structure of the Confidi.

2. Rationalization of the structure.

The Chambers of Commerce are committed to sustaining and promoting new mergers of Confidi as well as the constitution of networks between Confidi of to improve their action and impact on the territory.

3. Harmonization of rules

The Chambers will develop standardized and defined technical procedures at national level to sustain Confidi via a simplification and acceleration of operations, aiming at reducing margins of error and improving efficiency.

4. Use of Chambers' resources

In addition to traditional support measures, Unioncamere will consider the allocation of resources on specific operational areas, such as in particular the internationalization of enterprises, transmission and start-ups as well as the constitution of funds for emergencies and disaster relief.

An action plan for the implementation of these strategic principles will follow the signing of the agreement.

Link: http://www.coopfidi.org/Section/SubSection/Entry/627e37fb-a3c9-4c2c-9d1e-efd47d9fe7e3/Accesso_al_credito%2c_accordo_tra_Assoconfidi_e_Unioncamere.aspx