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SIMEST funds internationalisation of 84 enterprises

SIMEST funds internationalisation of 84 enterprises
 Simest gruppo cdp (Simest)

Rome - SIMEST, a venture capital company belonging to the Cassa Depositi e Prestiti group and operating in the exports and internationalisation sector, funded 84 Italian enterprises in the first quarter of 2017. These firms were undertaking trade operations in 25 countries, namely: Australia, Brazil, Cameroon, Canada, China, South Korea, Cuba, Egypt, United Arab Emirates, Ghana, Japan, India, Iran, Malaysia, Morocco, Mexico, Nigeria, Russia, Senegal, South Africa, Switzerland, Thailand, Tunisia, Turkey and the U.S.A.

A communique released by SIMEST reported that the funding amounted to 36 million euros, allocated to meet the diverse requirements of the enterprises, according to the phases of their internationalisation process. Four funding applications focused on feasibility studies, 36 on the introduction to non-EU markets, 22 to enhance the capitalisation of enterprises and 31 to participate in fairs and exhibitions.

Among the firms receiving the latter grants are Novi Srl, a small and medium-sized enterprise (SME) from the province of Salerno that has been selling food products for the past 20 years, including tomatoes, legumes and canned fruit. It has a cutting-edge logistics and a cargo handling facility which ensure prompt deliveries of supplies to their customers. SIMEST's funding covers the expenses for the firm's participation at SIAL Middle East, a major fair taking place in Abu Dhabi. Blutek Srl, is a firm operating since 2002 in the province of Bergamo. The company designs and produces compressors for most of the large oil & gas companies. With SIMEST's funding, Blutek Srl will participate at three large fairs in Abu Dhabi, Texas and Iran.

SIMEST's 'Participation in Fairs and Exhibitions' option offers funding with a subsidised interest rate (10 percent of the EU benchmark), which covers the expenses for the exhibition area, logistics, promotions and consulting related to the participation of Italian SMEs in exhibitions in non-EU countries. This funding application was devised in March 2017 to also finance participation in 'System Missions', promoted by the Ministry of Economic Development and the Ministry of Foreign Affairs, and organised by ICE (the Italian Trade Agency), Confindustria and other institutions and associations in the industry. These funds cover 100 percent (up to a maximum of 10 percent of the revenue of the past financial year) of estimated expenses, and will last three and a half years. Moreover, it does not require guarantees, except for the possible funding quota exceeding the gross operational margin of the last business balance sheet.