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Database of national-level policy measures

Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.

Factsheet for measure IT-2020-15/621 – measures in Italy

Measures to support businesses in obtaining credit

Misure di accesso al credito per le imprese (art. 1, Law Decree no. 23 of 8 April 2020)

Country Italy , applies nationwide
Time period Temporary, 08 April 2020 – 31 December 2020
Context COVID-19
Type Legislations or other statutory regulations
Category Supporting businesses to stay afloat
– Access to finance
Author Lisa Dorigatti (University of Milan) and Eurofound
Measure added 15 April 2020 (updated 03 May 2020)

Background information

In order to ensure the necessary liquidity to enterprises based in Italy, hit by the COVID-19 pandemic, with the exclusion of banks and other entities authorized to provide credit, art. 1 of the Law Decree no. 23 of 8 April 2020 introduces a credit guarantee for all types of businesses in order to cover personnel expenses, investments and working capital. The measures is part of the various initiatives designed by the government to address the economic and employment impacts of the COVID-19 pandemic.

Content of measure

Enterprises based in Italy, with the exception of banks and other credit organisations, can obtain a credit guarantee from SACE (the state-owned holding for business credit guarantees). SACE guarantees the credit provided by banks and other authorised entities up to €200 billion, of which at least €30 billion shall be in favour of SMEs, including self-employed workers and professionals registered for VAT. The main criteria include:

  • the guarantee must be established within 31 December 2020 for new credits up to six years;
  • the cost of the guarantee increases with the size of the enterprise;
  • the beneficiary must be solvent at 29 February 2020;
  • the guarantee shall cover 90% of the credit for enterprises with less than 5,000 employees in Italy and a turnover up to €1.5 billion;
  • 80% for enterprises with at least 5,000 employees in Italy or a turnover between €1.5 billion and €5 billion;
  • 70% for enterprises with over €5 billion turnover;
  • the total credit guarantee cannot exceed the higher amount between 25% of the 2019 turnover or the double of the personnel expenses in 2019;
  • the beneficiary commits to manage occupational levels through collective agreements;
  • the credit must cover personnel costs, investments or working capital concerning establishments and activities located in Italy.

Use of measure

No information available, so far (15 April 2020).

Target groups

Workers Businesses Citizens
Does not apply to workers Applies to all businesses Does not apply to citizens

Actors and funding

Actors Funding
National government
Company / Companies
National funds

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role No involvement No involvement
Form Not applicable Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

  • Unknown
  • Main level of involvement: Unknown



Views and reactions

Social partners were not involved in the definition of this measure, which was introduced unilaterally by the government.


  • 08 April 2020: Decree-law 8 April 2020, no. 23 (Misure urgenti in materia di accesso al credito e di adempimenti fiscali per le imprese, di poteri speciali nei settori strategici, nonche' interventi in materia di salute e lavoro, di proroga di termini amministrativi e processuali) Misure urgenti in materia di accesso al credito e di adempimenti fiscali per le imprese, di poteri speciali nei settori strategici, nonche' interventi in materia di salute e lavoro, di proroga di termini amministrativi e processuali. (20G00043) (GU n.94 del 8-4-2020 ) (


Eurofound (2020), Measures to support businesses in obtaining credit, measure IT-2020-15/621 (measures in Italy), EU PolicyWatch, Dublin,


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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.