The current condition of severe economic crisis, developed between 2008 and 2012, is making it extremely difficult for small and medium-sized enterprises to access bank loans or public financing. The causes of the economic crisis were the 2007 financial crisis that originated in the United States with the bursting of the subprime mortgage bubble, high commodity prices, the global food crisis, rising inflation, the excessive public debt and the worrying global economic recession with repercussions on the credit sector.
Firms ask banks for credit mainly to finance working capital and restructure debt, as self-financing through sales is not possible due to a high decline in the same and, therefore, profits. Companies need financial support in the short term to avoid internal problems such as pending payments of salaries and goods that are stifling economic activity, or even the cessation of activity.
The banks evaluate these loans as not available because they are not used for new investments. Under these conditions, companies risk insolvency. The International Monetary Fund has estimated a worsening of the Italian accounts for 2013, while the Istat statistical institute forecasts a further decline in the Italian GDP, a contraction in consumption and incomes, thus further recession and unemployment for 2013. Therefore the banks have reduced the provision of credit to small and medium-sized companies.
The Veneto accountants, in agreement with the companies of Concredit, have decided to develop a rating system to allow companies to access credit more easily. The assessments made by the accountants will also allow banks to reduce the time taken to disburse loans, normally influenced by the analysis of the financial statements that credit institutions must make to assess the solvency conditions of the companies applying for financing. Thanks to the new rating companies will receive an accurate assessment of their conditions, through an analysis of the balance sheet and future projections of the company’s development, in order to provide banks with a guarantee of solidity and solvency, therefore a high security that the companies can repay the loans.
The Densed will guarantee bank financing for companies up to 80% of the financing. The 50 million euros transferred from the Region to the Densed will allow the development of already existing guarantees for 350 million euros, since the amount of the guarantees granted must not be less than seven times the availability of the fund.