We cannot think of helping only companies that have positive banking parameters, forgetting entrepreneurs who were already suffering from the crisis before Covid-19. The speech by Salvo Politino, vice-president of Unimpresa
Despite the effort of attempts to aid companies, in the presence of an unprecedented crisis, the measures continue to be ineffective and above all characterized by an unacceptable and penalizing bureaucratic process for the Italian business system.
On the operations to extend the guarantee period for companies in difficulty, submitted prior to the entry into force of the Cura Italia decree-law, the bank will report the risk event. This is a report that is highlighted in the procedure for accessing the Central Mediocredito Guarantee Fund with the words: «The company is not eligible for the guarantee on new financial transactions pursuant to part II par. B.1.4 letter F of the current operating provisions ".
It follows that the company that has had the duration of the Mediocredito Centrale guarantee prior to Covid-19, will no longer be able to access the public guarantee not only on new operations, but also for the renewal of expiring operations already guaranteed by Mcc .
In this situation, to remove the aforementioned reports, the lending bank must send a communication to Mediocredito Centrale, drawn up on duly stamped and signed letterhead paper, of total extinction of the position subject to the extension of the guarantee.
So companies already in difficulty before Covid-19, further affected by the crisis caused by Coronavirus, find themselves having to restart without having any possibility of accessing credit, through the use of the state guarantee fund, and having to face a whole series of costs for the restart, harnessed more and more in the grip of bureaucracy and subject to the decisions of the banks, which use the Guarantee Fund as an umbrella or shelter.
Pursuant to the addendum to the 2019 credit agreement, to be able to benefit from the measures, companies must be performing, that is, at the time of the request by the companies, they must not have debt positions classified by the bank as non-performing exposures, broken down into categories of bad debts, probable defaults, past due and / or overdue impaired exposures. After benefiting from the measures provided for in the Addendum to the credit agreement, the company can access new loans.
It is clear that in the light of the Covid-19 crisis, small and medium-sized enterprises today present significant problems, with particular reference to the probability of defaults due to the drop in turnover and forced closure. It is necessary to intervene immediately with a modification of the operational provisions of the Guarantee Fund, which provides for companies in difficulty that have benefited from the extension of the guarantee, the performing and the use of the public guarantee for new operations.
We are concerned about the growing lack of liquidity for businesses and the ineffectiveness of the measures taken by the government. We cannot think of helping only companies that have positive banking parameters, forgetting entrepreneurs who were already suffering from the crisis before Covid-19.
The state must decide whether to help companies or accompany towards final closure, exposing them to any risk of capital infiltration of dubious origin.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/garanzie-imprese/?utm_source=rss&utm_medium=rss&utm_campaign=garanzie-imprese on Sat, 20 Jun 2020 05:30:05 +0000.