Financial Institution Finlombarda Invests €15M in October SME IV to Support local Small Businesses

Finlombarda Spa, the financial institution of Lombardy Italian region, will be supporting the relaunch of Lombardy economy via the Italian alternative financing project, known as “Credito F.A.C.I.L.E.”.

As mentioned in an update published on June 23, 2021, by October, this acronym means “simple” in Italian and this initiative will aim to “address the liquidity requirements of the region’s SMEs in a simple way.”

Finlombarda confirms its willingness “to support the real economy by investing €15 million in the October SME IV fund,” the update noted.

October has reportedly agreed to “deploy at least an equal amount to support SMEs in the Lombardy region.”

Finlombarda’s investment of €15 million is “in addition to the €150 million raised from several European institutions, including the European Investment Fund (EIF), Cassa Depositi e Prestiti (CDP) and Bpifrance,” the announcement revealed.

As stated in the update, October enables firms in France, Italy, Spain, the Netherlands and Germany to gain access to quick financing “to complement the traditional banking system through a hybrid system of institutional investors and private lenders.”

The announcement also mentioned that this should serve as “further proof of the confidence of European institutions in the October technology, which offers them an innovative investment model that is closer to the real economy.”

Michele Vietti, Chairman of Finlombarda Spa, stated:

“Credito F.A.C.I.L.E. is a concrete example of how synergetic action between all the players in the financial ecosystem is the right way to relaunch the economy of our region, using financial instruments that are complementary to traditional financing. Among those already active at Finlombarda are Minibond in partnership with other institutional investors and ELITE Basket Bond Lombardia in co-partnership with CDP.” 

Sergio Zocchi, CEO October Italy, remarked:

“October’s commitment to supporting SMEs and the real economy continues with this initiative. A strategic partner such as Finlombarda allows us to make available to Lombardy companies not only financial resources but also experience and technology, creating the conditions for a fruitful collaboration between institutional and private actors for the benefit of companies.” 

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