SACE guarantees BPER loan for Italian agricultural firm
The Italian export credit agency (ECA), SACE, is teaming with Banca Popolare dell’Emilia Romagna (BPER), to support Zaccagnini – an Italian agricultural firm specialised in the production of grapes and wines, intended primarily for export.
The Italian export credit agency (ECA), ~SACE^, is teaming with ~Banca Popolare dell’Emilia Romagna^ (BPER), to support ~Zaccagnini^ – an Italian agricultural firm specialised in the production of grapes and wines, intended primarily for export.
The loan being issued by BPER, and 50% guaranteed by SACE, amounts to €1.5 million ($1.86 million). The firm was assisted in the project by consultants ~CFI Advisors^.
The loan will go towards supporting the cost of purchasing and renewing plant and machinery, participating in national and international trade shows and events, and organising initiatives to promote the brand in foreign markets. This forms part of the company’s development plans, particularly in the new markets of Asia (China, Japan, Korea, Taiwan and Vietnam), Brazil and Canada.
Agro-food is one of the driving sectors of Italian exports. In line with the dynamics of national exports, the sales of Italian wines abroad in the first nine months of 2014 increased by 1.3%. According to SACE, from a medium/long range view, the emerging markets offer good prospects for growth for the Italian company, especially in Eastern Europe (Poland and Czech Republic), Latin America (Mexico and Brazil) and Asia (China, South Korea, Hong Kong and Singapore).
Zaccagnini has invested in foreign development for many years – indeed, exports represent 85% of its sales, making it the second largest exporter of Italian wine in the US and the largest exporter in Northern Europe. With its projection into foreign markets, and the revamping of its production, the company generated sales in excess of €17 million ($21.17 million).
The latest collaboration between SACE, BPER and Zaccagnini is a classic example of an agency helping companies advance domestically, but with an international focus. Similar schemes have been put forward by other European agencies, most recently the Nordic Investment Bank, which recently launched facilities for banks in Denmark and Finland, to promote the support of small and medium enterprises.