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    Digital cloud-based banking for small businesses in southern Italy

    Italy’s first fully digital, cloud-based bank finances the Mezzogiorno - particularly businesses with a focus on climate action

    First signature
    EUR 100,000,000
    Credit lines
    See more


    € 100,000,000
    Italy : € 100,000,000
    Credit lines : € 100,000,000
    Signature date(s)
    23/12/2022 : € 100,000,000
    Link to source

    Summary sheet

    Release date
    9 February 2023
    Signed | 23/12/2022
    Project name
    Promoter - financial intermediary
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 100 million
    not applicable

    The EIB loan to Illimity will finance green transition projects of Italian small and medium sized enterprises (SMEs) operating in eligible sectors.

    The aim is to finance the working capital and investment needs of eligible SMEs in Italy. At least 30% of the loan will be allocated to SMEs located in the Southern Italian Regions (as EU Cohesion cross-cutting objective) and 20% of the facility to climate action and environmental sustainability projects.

    Additionality and Impact

    Through this operation, additional resources will be channelled to finance eligible investments and short-term liquidity needs of Italian SMEs to weather post Covid19 recovery but also to cope with a new macroeconomic scenario of surge in energy price and higher inflation due to the impact of Ukrainian war. Moreover, the EIB's funding will contribute to support Italian SMEs in their green transition and will be critical for SMEs in Cohesion Regions particularly.

    The facility addresses an important market failure that is SMEs' access to finance, which is driven by asymmetric information and which, despite improvement in recent years, still lags behind. This has become even more important in the context of the economic downturn caused by the War in Ukraine.

    Through this operation, additional resources will be channelled to finance eligible investments promoted by SMEs and Midcaps: the additional lending capacity provided through the EIB's intervention will generate positive effects on investments thanks to the availability of long-term financing and of overall lower financing costs and will send a positive signal to the market regarding their financial soundness and credit worthiness.

    The proposed loan is fully consistent with the EU objectives and responds to the definition of SME financing as a strategic priority objective of the Bank. The operation will also support the EU's and the Bank's priority objectives in the climate and energy sector and the EIB's climate action and environmental sustainability objectives through the development of renewable energy (solar PV), energy efficiency, clean transportation (EV vehicles and charging infrastructure) and sustainable water and waste management projects promoted by SMEs and midcaps in several industries. It will also contribute to Italy's 2030 decarbonisation targets of the 2030 NECP.

    The main Climate action element of the operation, renewable energy and energy efficiency projects, reduces negative carbon and air pollution externalities and increases comfort and air quality in the dwellings, social and public benefits that are not fully internalised by private investors.

    Overall, the projects are expected to yield good quality and results, thanks to avoided carbon emissions and employment creation. Moreover, the projects will be supported by adequate governance and capabilities of the FI.

    The operation is therefore also eligible under Article 309 (a) projects for developing less-developed regions (over 50%).

    Environmental aspects

    Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

    Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

    Link to source


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    News & Stories

    Inside the project

    How and Why

    Tapping the potential of small businesses


    • Overcome the constraints of traditional corporate banks
    • Help solve day-to-day hurdles that small entrepreneurs face
    • Support small businesses in the south of Italy and companies fighting climate change.


    • A digital banking platform including services like account opening, streamlined loan applications, simplified customer signing processes, efficient cash account management
    • Companies have a comprehensive view of all their assets and can access their financial metrics in a seconds
    • Small businesses are able to focus on important business tasks, rather than on time-consuming banking processes.

    Sectors & Countries


    A fully digital, cloud-based platform

    • B-ilty platform can quickly analyse dozens of indicators, providing clear credit answers to small entrepreneurs
    • Within a few days, a company knows whether it’s entitled to get a loan or not, and why
    • Within three or four weeks, a company can use the bank account that it opened in 30 minutes.
    • 30% of the loan will benefit small companies in EU cohesion regions (in particular Molise, Campania, Puglia, Basilicata, Calabria, Sicily, Sardinia, Abruzzo, Umbria and Marche)
    • 20% of the funds will be dedicated to investments by small businesses that produce green energy, reduce greenhouse gases emissions, and improve energy efficiency.



    for B-ilty to open a bank account for a company. Traditional banks take 30 days.

    Play video




    A big push forward for illimity

    Amiran Tsintsadze is a Georgian entrepreneur who has lived in Rome and Milan since he was a child. He is head of digital lending and product management at illimity, Italy’s first fully digital and cloud-based bank.

    Roberto Stasi is a loan officer at the European Investment Bank. In 2021 Stasi and Tsintsadze worked on a deal proving over €1 billion for liquidity needs of Italian small businesses under a programme designed to counter the economic impact of COVID-19. 

    In 2022 they worked together again to finance small businesses in the Mezzogiorno – particularly those with a focus on climate action. The €100 million loan from the European Investment Bank has been a big push forward for illimity.

    Roberto Stasi (EIB) and Amiran Tsintsadze (Illimity)
    We like doing nice, good things and doing them fast
    Corrado Passera

    founder & CEO, illimity

    The European Investment Bank has been a catalyst for our funding
    Amiran Tsintsadze

    head of digital lending, product and management, illimity

    General enquiries and comments

    The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
    Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
    Alternatively, the EIB can be contacted through its external offices.
    Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

    Media enquiries

    Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

    Complaints mechanism

    Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

    Zero tolerance against fraud and corruption

    The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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