The following information is about the different types of guarantees and documentation backing the loans, as per Circulars 3-4-5-6-7-8/394/2023.

DISCLAIMER

The Financial Support Committee approves the types of guarantees eligible to back loans.

The choice of guarantees approved by the Committee is as at the sole discretion of the business, in compliance with the types of guarantees that are eligible and the relative combinations defined in the applicable Circulars.

For loans indicated in Circulars 3-4-6-7-8/395/2023 and loans of more than €150,000 indicated in Circular 5/394/2023 “Trade fairs and events”, the amount to guarantee:

• for classes with a scoring of 6-7, shall consist of a guarantee from banks, insurance undertakings or financial intermediaries of at least 10% the amount of the Loan (including any co-funding);
• for classes with a scoring of 8-9, shall consist of a guarantee from banks, insurance undertakings or financial intermediaries of at least 20% the amount of the Loan (including any co-funding).
• For loans of €150,000 or less as per Circular 5/394/2023 “Trade Fairs and Events”, the amount to guarantee is calculated based on the gross operating margin and may be covered by any type of guarantee approved by the Committee. For further information about how to calculate the guarantee for these loans, click here.

The overall amount to guarantee consists of the principal and interest.

To make it easier to calculate the maximum overall amount to guarantee and the first disbursement (25% advance), you can use the calculator to check this amount:

In the calculator, you need to enter:

• the amount of the loan to repay (Fund 394 amount), excluding any grant disbursed;
• the percentage of the guarantee calculated based on the scoring, or based on the gross operating margin (as indicated in the loan notice);
• the percentage covering interest, including interest on arrears and additional changes (indicated in the loan notice or in its adjustment).

Stand-alone demand guarantee

A stand-alone demand guarantee, without exceptions, issued by:

• a bank with registered office in Italy
• an insurance company, registered with the Italian Insurance Regulator, IVASS, approved by SIMEST
• a financial intermediary appointed by SIMEST (see the list at the bottom of this page).

Minimum requirements to approve the Guarantor

• indication of the company to guarantee (applicant company)
• indication of the % of the guarantee
• indication of the amount to guarantee [(amount of the Loan from Fund 394/81)x(% of the guarantee) + ((amount of the Loan from Fund 394/81)x(% of the guarantee)x bank guarantee rate)]
• the guarantee duration, which is equal to the duration of the financing + 1 year (for Digital and Ecological Transition and Entry on Markets financing, the duration is 6 years, all other types of financing have a duration of 4 years. So, for example, the guarantee duration will be 7 years for Digital and Ecological Transition financing)
• The digital signature of both parties

Documentation

The text of the bank guarantee “approved” by SIMEST:

• loan from new 2023 Subsidised Lending (with loan numbering above 100000)

This is a proportional amount withheld from the disbursed loan as a guarantee in a current account of SIMEST, for each tranche of the loan.

To request this type of guarantee, the business must access the Portal and upload – in the section on the condition precedent to approve the guarantor – a document (or the Form which will shortly be available), signed by the legal representative, declaring it wishes to use this type of guarantee, and the percentage. The business will then be contacted by SIMEST for the follow-up.

Documentation

• Template of the Form to Request a guarantee deposit
• Template of the Pledge contract for the deposit – N.B. The contract will be sent by SIMEST by certified email to the business, after the request has been made from the Portal

This refers to cash of the business held in its separate deposit account in favour of SIMEST as a guarantee for the loan.

All information on this type of guarantee will shortly be available

List of Financial Intermediaries supervised by the Bank of Italy (registered as per Article 106 of the Consolidated Law on Banking) and appointed

N.B. Appointments will be made after checking the conditions and proper conduct of the business relationship with SIMEST