By Deirdre Tynan • 18 August 2021 • 12:12
EU approves of Italian loan scheme.
The European Commission has approved a €43 million Italian scheme to support companies active in the sports sector affected by the coronavirus outbreak.
The scheme was approved under the State aid Temporary Framework. The scheme, which will be managed by ‘Istituto per il Credito Sportivo’, will be open to sports associations and amateur sports entities, as well as to professional sports clubs engaged in national team championships of Olympic and Paralympic disciplines, that are registered in Italy.
Under the scheme, the public support will take the form of gratuitous State guarantees covering 90 per cent of loans with a nominal amount of up to €30,000; State guarantees of up to €5 million covering 80 per cent of the underlying loan amounts; subsidised interest rates on all the loans covered by the state and exemptions to companies benefiting from guarantees on the loans.
The aim of the scheme, which applies only to new loans, is to help the beneficiaries address the liquidity shortages they face due to the coronavirus outbreak and enhance their access to financing, thus helping them continue their activities during and after the outbreak. The Commission found that the Italian scheme is in line with the conditions set out in the Temporary Framework.
For all measures, aid can only be granted until December 31, 2021. The Commission concluded that the scheme is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State. On that basis, the Commission approved the measure under EU State aid rules.
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Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.
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