SACE-ABI task force: the "Italian Guarantee" operation begins
SACE and the Italian Banking Association yesterday jointly defined the operating procedures and terms of release for the loans guaranteed by SACE ("Italian Guarantee") and counter-guaranteed by the State, pursuant to Law Decree no. 23 of April 8
The “Garanzia Italia” portal, developed by SACE, dedicated to inserting requests and issuing guarantees is available to credit institutions
The SACE-ABI Task Force announces the start of operations of "Italian Guarantee", the new extraordinary tool to support, through the guarantee of SACE and the counter-guarantee of the State, the granting of loans to economic and business activities damaged by the Covid-19 emergency, as required by Law Decree no. 23 of April 8.
Following incessant work, in less than two weeks, the Task Force has indeed defined and agreed the terms and conditions governing the release of guarantees by SACE for the benefit of the credit institutions that will issue the loans.
The release of guarantees in favor of banks - already accredited or who request them - will take place online through the dedicated portal "Italian Guarantee" developed by SACE, where credit institutions can enter their requests and obtain the related guarantees, counter-guaranteed by the State , in a short time. For example, for the "simplified procedure" (dedicated to companies with a turnover in Italy of less than 1,5 billion euros and with a number of employees, still in Italy, of less than 5.000) and for all loans of an amount of up to 375 million euros will take place within 48 hours.
However, please note that banks will have to carry out an investigation in accordance with the current regulations on the basis of what has been declared by the Beneficiary Company.
The SACE portal has been designed as a digital path, simple and fast, capable of receiving and managing requests for single or multiple operations, allowing to carry out conformity checks on documents in an automated way. All this with the aim of providing companies with the necessary liquidity in the shortest time possible to deal with the Covid-19 emergency.
In addition to the "Guarantee Italy" portal dedicated to banks, on the website www.sacesimest.it/garanziaitalia a simulator is available to banks and companies that offers - following the insertion of some economic and financial parameters of the company relating to the 2019 financial statements - an initial indication of the amount that can be financed and of the different types of guarantees provided for by the Liquidity Decree.
The same web page also contains all the main information for companies and banks, including the disciplinary for credit institutions containing the operating procedures and accreditation for the “Garanzia Italia” portal.