Rinascimento Firenze: 60 million euro for companies in Florence

Social economy financing by Fondazione CR Firenze and Intesa Sanpaolo

Helen Farrell
September 11, 2020 - 9:52

Charitable organization Fondazione CR Firenze and the Intesa Sanpaolo banking group have developed a practical plan to inject new life into the many small businesses that comprise the backbone of the economy of Florence. “Rinascimento Firenze” is the name of the civil economy scheme, which will stream 60 million euro into local companies in the city’s metropolitan area.

 

 

The project was presented on September 11 at Teatro Niccolini by the president of Fondazione CR Firenze, Luigi Salvadori, and CEO of Intesa Sanpaolo Carlo Messina.

 

 

The project was presented on September 11 at Teatro Niccolini by the president of Fondazione CR Firenze, Luigi Salvadori, and CEO of Intesa Sanpaolo Carlo Messina.

 

The financing will be available through announcements, which will be launched in September, aimed at five key sectors for Florence: art and craftsmanship; tourism and culture; fashion and lifestyle; startups and technology; and the agro-industry.

 

“We have devised a method that allows the rapid and effective allocation and distribution of resources to help many typical Florentine businesses to overcome this very difficult phase,” explained the president of Fondazione CR Firenze, Luigi Salvadori. “Our aim is to boost new and updated roles, to uphold employment and to give a vote of confidence and closeness to the entrepreneurs and companies, even in the no-profit segment, who have a desire to accomplish things. Our request is that they invest in their initiatives to show the entire community that we want to start working again. Our aim is to encourage an ‘economic and social renaissance’, which demonstrates our confidence in succeeding in relaunching the area.”

 

 

The project was presented on September 11 at Teatro Niccolini by the president of Fondazione CR Firenze, Luigi Salvadori, and CEO of Intesa Sanpaolo Carlo Messina.

 

 

Intesa Sanpaolo will provide the selected companies with up to 50 million euro in impact loans, an innovative financial tool that involves long repayment and advantageous conditions: 0.4% fixed rate, 5 years pre-amortization and 10-year duration. Beneficiaries must be micro- or small businesses, including cooperatives, which can present a project with a measurable social impact, meaning that the company must be able to stabilize or increase its personnel, provide training and invest in new technology and new health and safety standards, encourage aggregation with competitors to increase resilience through togetherness. The funding is intended for businesses that were healthy prior to the pandemic and have suffered in recent months due to Covid-19.

 

“We now have the opportunity to rethink an action-based model in which the foundation, bank and associations can work together to breathe new life and resources into thousands of micro and small companies, which make up the economic fabric of the area,” commented Carlo Messina, CEO of Intesa Sanpaolo. “The shared purpose is to achieve social benefit through financing projects by companies that invigorate this city and provide employment to thousands of families, as well as maintaining a unique knowhow and culture that cannot be lost.”

 

The project relies on a strategic partnership with the Associazione Osservatorio dei Mestieri d’Arte (OMA); Centro di Firenze per la Moda Italiana and Fondazione Ricerca e Innovazione, which have been involved in designing the process with Fondazione CR Firenze and Intesa Sanpaolo. Operational support is provided by social change organization Fondazione KON and institutional partners Chamber of Commerce of Florence and the Prefecture are onboard with the initiative. The same project is also being implemented by Intesa Sanpaolo in Bergamo.

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