The European Investment Bank (EIB) and the Sicilian Region (Regione Siciliana) in Italy are working together to support and promote the regional economic recovery in the aftermath of the COVID-19 pandemic.

Under the European Regional Development Fund (ERDF), the EIB and the Regione Siciliana created a fund of funds for the programming period 2014-2020, complemented by regional funds. The EIB manages €50 million on behalf of the region.

This fund of funds is part of the financial instruments that the EIB is deploying in EU countries. Read more about the shared management funds and financial instruments.

The fund is part of a multiregional platform designed by the EIB to set up similar financial instruments in other Italian regions.

Support for businesses in Sicily

The financial instrument provides financing to small and medium-sized businesses located in Sicily that have been particularly hurt by the crisis (with focus on tourism).

Available loans

The loan will be at minimum interest rate according to the methodology referred to in the Communication from the Commission 2008 / C 14/02 or at a zero subsidised rate under the conditions and within the terms of validity of the “Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak” (2020/C 91 I/01), as extended and modified.

Loans have the following characteristics:

• amount: from €500 000 to €5 000 000
• interest rate:
  • during the period of validity of the Temporary Framework: for loans of up to €2,300,000 interest-free; for loans exceeding €2 300 000 and up to € 5 000 000 interest-free up to €2 300 000 and for the remaining amount market rate according to the Communication of the Commission 2008 / C 14/02
  • after the period of validity of the Temporary Framework: market rate according to the Communication from the Commission 2008 / C 14/02
• guarantees: when applying, the applicant must indicate the guarantees he intends to offer. The Financial Intermediary reserves the right to request any additional guarantees
• duration: the loans are granted in the short, medium or long term, with a maximum duration of 20 years for investments and a maximum duration of 15 years for working capital including a period of pre-amortization not exceeding 24 months
• frequency of repayment instalments: quarterly

What is eligible

The objectives of the Fund of Funds Emergency Sicily are:

• Investments that support and strengthen activities in response to the COVID-19 pandemic, or are part of strategic sectors for the regional economy (e.g. tourism).
• Working capital needs in order to support operating costs of the eligible final recipients and in order to improve their resilience to the crisis.

Who can apply?

Small and medium-sized companies which entered into business before 31 December 2019 and which were not into financial difficulties at that time. The companies must have their legal or operational seat in Sicily.

Where to apply

Gruppo BCC ICCREA
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About the European Structural and Investment Funds

Through the European Structural and Investment Funds (ESI Funds) financial instruments, the EU invests in local and regional projects that contribute to job creation and a sustainable and healthy European economy.

The European Regional Development Fund is one of the five available ESI Funds. It strengthens economic and social cohesion in the EU by correcting imbalances between regions.