ENP Newswire - 31 January 2014 Release date- 30012014 - EIB and Intesa Sanpaolo TO 240 MILLION EUROS FOR YOUTH EMPLOYMENT IN SMES, START-UP AND INNOVATIVE SOCIAL PROJECTS. In two separate projects and innovative funding the European Investment Bank (EIB) and Intesa Sanpaolo allocate EUR 240 million to the Italian economy: Line of credit of EUR 120 million for youth employment in SMEs and Mid Cap and supporting the creation and development of innovative start-ups Loans to euro 120 million for the financing of investment by small and medium-sized in the social sector Milan , January 30, 2014 - It 'was signed today by the EIB and Intesa Sanpaolo the first joint loan in Italy dedicated to the creation of new jobs for young people in small and medium-sized enterprises, in the mid-cap and innovative start-ups . The deal, worth a total of EUR 120 million , comes seven months after the Brussels European Council of June 2013 focused on combating youth unemployment. On that occasion, the Heads of State and Government of the countries of the European Union asked the EIB, which is the financial arm of the EU, the activation 'without delay' of all possible instruments to stem the growing phenomenon of unemployment, especially among young people. The credit line of EUR 120 million EIB will be conveyed by Mediocredito Italian, the pole of the corporate finance group Intesa Sanpaolo , SMEs, Mid-Cap and innovative start-ups in order to promote new employment in the range of young people between 15 and 29 years of age and the development of a new entrepreneurial culture more conducive to innovation. 'I am particularly proud of this operation with Intesa Sanpaolo , the first of a series of loans with the Italian banking system that is part of the EIB program Jobs for Youth . After the request of the European Council last June, advanced with a strong pulse of the Italian government, these funds represent the best ability of European institutions to give prompt and substantive social emergence of high youth unemployment, 'said the Vice-President of Dario Scannapieco , EIB . 'It 'a source of satisfaction to us to be the first partner of the European Bank for both business volumes, both for the diversification of the areas of intervention in favor of Italian companies.' Said Charles Messina , CEO of Intesa Sanpaolo . 'In particular, with this agreement, Intesa Sanpaolo provides tools and resources that will enable our business to innovate through the employment of young people and the birth and development of reality marked by innovation. In this way, - said Messina - we want to promote and support a business environment that needs to identify innovation and dynamism, the factors and motivations that retain young talent in our country, to restart the productivity and profitability to recover. ' In detail, are eligible for loans to SMEs (up to 250 employees) and Mid-Cap (between 250 and 3,000 employees) that meet at least one of the following requirements: have taken at least one worker (three for the Mid-Cap) aged between 15 and 29 years in the six months preceding the application for the loan or will take in the next six months; offer programs of vocational training for young people, or internships / programs of training for young people; have entered into an agreement of cooperation with a technical school or college or university to employ young people (for example during summer internships); have an ownership structure in which the majority of the share (over 50%) is held by people under 29 years of age ; fall within the provisions of Law 99 of 2013 on the promotion of youth employment . They may also benefit from lending the innovative start-ups that meet the Section IX of Decree 179/2012, relating to certain requirements including: the innovative start-up is formed and performs business activity by no more than 48 months ; has its principal place of its business and interests in Italy ; has, as a social object, exclusively or mainly, the development , the production and marketing of innovative products or services to the high technological value .
Most Popular Stories
- Ukraine Crisis Limits Losses in Gold, Silver
- Big Earthquake Rumbles Northern California
- Chiquita, Fyffes to Form Top Banana
- Tesla's Alt-Energy Future Aims for Massive Lithium-Ion Battery Production
- FAA to Appeal Court Decision Allowing Commercial Drone Use
- China's Money Rate Drops on Slowdown Concern
- New Chat App, Yik Yak, Causes Problems for Students
- Mt. Gox Files for Bankruptcy in U.S.
- Obama Meets with Ukraine Prime Minister Wednesday
- Rand Paul Tops Presidential Straw Poll at Conservative PAC Conference