However, those actions are not sufficient to sustain the businesses and self-employed struggling with mandatory shutdown, loss in revenue, and rising costs to face once the situation will stabilize.
The Italian government decided to undertake a courageous plan to fix the problem. In summary, every business or self-employed can apply for a government-backed loan up to 25% of the annual turnover up to € 25.000,00.
Who are the beneficiaries?
Loan terms and conditions
The total duration of the loan is up to 6 years, including a grace period up to 2 years; the payback period is flexible and is agreed with the bank; however, it cannot be extended beyond the 6 years.
The law caps the interest payable to 1.23%, including setup fees, and every other cost.
The loan is granted by banks and financial institutions and you can apply to more than one bank at the same time, however, the total amount financeable remains € 25,000.00.
How to apply
- Finance request form as provided by the bank
- Government backed guarantee form
- A valid ID
- Your Partita IVA certificate and the Chamber of Commerce Certificate (if applicable)
- Latest tax return (or VAT return), and in absence of it you can self-assess your annual turnover.
Furthermore, the various decrees have eased the procedure to sign contract by distance, making the required paperwork lighter.
Finally, there are no credit checks, nor credit rating evaluation. Because the government backs your application eligibility criteria are set by the law and they are not based on a credit rating chart.
Do you need support? Contact us with no obligations.
1-24 months € 25.63 per month
25-72 months € 534.02 per month
For the whole duration of the contract you will pay € 1248,00 in total.
Note that if you do not pay any further fee, your bank might also apply more favourable conditions, and interests are tax deductible against taxes.
Check out all the financial supports provided by the Italian government in this video.
Check out this step by step on how to request it.