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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-2020-15/636 – measures in Italy

Credit guarantee for SMEs

Fondo centrale di garanzia PMI

Country Italy , applies nationwide
Time period Temporary, 09 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 04 January 2021)

Background information

Art. 13 of the Law Decree no. 23 of 8 April 2020 introduces a credit guarantee and other measures for SMEs hit by the COVID-19 pandemic to support their operations. The temporary rules for the credit guarantee include free provision of the guarantee and higher thresholds in terms of amount and number of employees, in respect to the regular measures. This initiative is part of the various measures designed by the government to address the economic and employment impacts of the COVID-19 pandemic.

Content of measure

The main provisions allow SMEs to obtain a credit guarantee until 31 December 2020 at more advantageous conditions than those ordinarily envisaged by the special credit guarantee fund for SMEs. In particular, the temporary measures:

  • include a free credit guarantee;
  • raise the maximum amount of the credit guarantee for each individual enterprise to €5 million;
  • allow to access the credit guarantee to enterprises with up to 499 employees;
  • allow the guarantee to cover up to 90% of the credit;
  • provide that the maximum amount of the credit guarantee cannot exceed 25% of the beneficiary's 2019 turnover; the double of the beneficiary's annual wage bill in 2019; the working capital and investment expenses for the following 18 months for SMEs and 12 months for enterprises with up to 499 employees.

Use of measure

No information available (15 April 2020).

Target groups

Workers Businesses Citizens
Does not apply to workers SMEs
Other businesses
Does not apply to citizens

Actors and funding

Actors Funding
National government
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

This measure was designed 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), Credit guarantee for SMEs, measure IT-2020-15/636 (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.