Illimity Bank has signed a €200m agreement with the European Investment Bank (EIB) to provide financing to small and medium-sized businesses in Italy through its digital bank b-ilty.
Facts
- EIB will lend €100 million to Illimity, which will then facilitate another €100 million in funding to SMEs across Italy.
- The funds will be provided through b-ilty, Illimity Bank’s digital bank that offers financial services and credit to companies with a turnover of €2 million to €15 million.
- 30% of the funds will be directed towards financing businesses in the Cohesion Regions of Italy, supporting the EU’s objective of economic, social, and territorial development.
- 20% of the funds will support Italian businesses investing in energy transition, particularly in projects that align with the EU’s sustainability goals, such as energy efficiency, renewable energy, electric vehicles and charging infrastructure, and sustainable water and waste management.
- This is the second agreement between Illimity Bank and EIB, following the €1 billion funding facilitated in 2021 to support Italian SMEs.
- The aim of the operation is to foster climate and social cohesion objectives by providing new funding at favorable terms for small and medium-sized businesses looking to invest in a more sustainable and inclusive future, according to EIB Vice President Gelsomina Vigliotti.
- Illimity Bank and EIB’s partnership will aid Italian SMEs in accessing the working capital they need to grow and succeed in the current economic climate.
