IGLOO is the name of a new Italian guaranteed loan origination platform that aims to provide 170 million euros to offer new growth and financing opportunities to at least 800 small and medium-sized enterprises (SMEs) and mid-caps in Italy, with a focus on particular on the criteria relating to climate transition and environmental sustainability.
The platform is already active. This is the first securitization project of state-guaranteed loans supported by the European Investment Fund (EIF) in Italy. It is promoted by the non-banks MutuiOnline Group and NSA Group. The EIF will participate with an investment of 50 million euros in a securitization operation that will provide liquidity to Italian companies.
The remaining 120 million euros will be provided by the partners of the initiative and by the Italian institutional investors. The securitization transaction was structured by Société Générale on a portfolio of loans originated by NSA SRL (credit brokerage company) and by NSA spa, company that manages the entire process of MCC and SACE guarantees, both part of the NSA Group.
The loans are disbursed by Centro Finanziamenti SpA (CeFin) and operationally managed by Quinservizi SpA, a company of the MutuiOnline SpA Group. Banca Finint will be present both as a sponsor bank and as a master servicer. The EIF will use its resources to directly acquire the senior and / or mezzanine that will populate the new Italian guaranteed loan origination platform.
The name of the IGLOO project is an acronym for the name of the platform, Italian Guaranteed Loan Origination platfOrm. The platform is the first securitization initiative in Italy that intends to create an alternative financing channel through a ramp-up structure, to provide loans to around 800 SMEs and mid-caps on a one-year horizon. It is based on the credit mediation capacity of NSA for the disbursement of new loans and on the experience of the BPO Division of the MutuiOnline Group in the management of operational and technological solutions, through Quinservizi as a structure specialized in origination and credit servicing with specific reference to management of MCC and SACE guarantees, and CeFin for the assessment of debtors and the disbursement of loans.
The initiative will act as a catalyst to facilitate lending to SMEs and their access to capital markets. NSA will use the platform to process part of its € 37.5 million for green finance, governed by climate transition criteria and environmental sustainability. In addition, each loan from the securitized portfolio will be covered by the public guarantee of the SME Guarantee Fund and the climate action and environmental sustainability criteria defined by the European Investment Bank (EIB) and applied by the EIF.
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