Supporting SMEs: access to credit

Access to credit continues to be one of the most significant challenges for the setting up and development of SMEs, an issue that is exacerbated by the worst economic and financial crisis in decades. Intesa Sanpaolo did not fail to support the economy by launching and implementing several initiatives to free resources for the benefit of households and SME’s.

 In August 2009, Intesa Sanpaolo adhered to a joint notice undersigned by ABI (Italian Banking Association), Government and Business Associations for the suspension of SME’s debts owed to the credit system. The agreement commits all the Group's banks in the moratorium for SMEs experiencing temporary financial difficulties. Intesa Sanpaolo was already active on this front, particularly with the agreement signed in early July with Confindustria to provide liquidity and recapitalise Italian SMEs. The approved applications for suspension up to the end of 2009 were about 30,000, and, against an outstanding debt of around 9.6 billion euro, extended debt amounts to about 1.6 billion euro. Other important agreements were signed with major industry associations: Confcommercio to support small trading, tourism and services enterprises; Confagricoltura to support the food chain; Confartigianato, CNA, Casartigiani. Overall, 7 billion euro were made available to production companies.
In 2009, Intesa Sanpaolo confirmed its willingness to offer credit to Italian SMEs with about 60 billion euro in credit already granted and currently not used and another 35 billion euro in new grantable credit, if required.
Currently, Intesa Sanpaolo offers almost 500 billion euro in credit to Italian industry (about one third of GDP) and 66% of this credit goes to enterprises - especially SMEs.