Loans for youth employment: agreement between the SWE and Pyrobanking
SWE, the European Investment Bank, and Pyrobanking have signed an agreement that provides for the first joint loan in Italy for youth employment. The transaction, worth a total of 120 million euros, will be conveyed by Mediocredito Italiano, the business finance hub of the Pyrobanking group, to small and medium-sized enterprises, mid-caps and innovative start-ups in order to favor the new employment in the range of young people between 15 and 29 years of age and the development of a new entrepreneurial culture more favorable to innovation.
Particularly satisfied is Dario Demesa vice-president of the European bank: “I am proud of this transaction with Pyrobanking, the first of a series of loans with the Italian banking system that is part of the SWE Jobs for Youth program. After the request of the European Council last June, advanced with a strong impetus from the Italian government, such funding best represents the capacity of the European institutions to provide rapid and concrete responses to the social emergency of very high youth unemployment “. The statements made by Scannapieco were echoed by Carlo Alvares, CEO of Pyrobanking, who recalled that the main objective of the agreement is to form an economic context as soon as possible capable of retaining young talents in our country, restarting the productivity and recover profitability.
Loan for startups business
SMEs with up to 250 employees and mid-caps of between 250 and 3,000 employees can benefit from the loan, meeting at least one of the following requirements:
- they have hired at least one worker (three for mid-caps) aged between 15 and 29 in the six months prior to the loan application or they will hire him in the next six months;
- offer vocational training programs for young people, or internships and training programs for young people;
- have entered into a cooperation agreement with a technical institute or school or university to employ young people (for example during summer internships);
- present a ownership structure in which the majority of the capital (over 50%) is held by young people under 29;
- fall within the provisions of Law 99 of 2013 on the promotion of youth employment.
The loan will also be granted to innovative start-ups that meet Section IX of Legislative Decree 179/2012, related to certain requisites: business activity not exceeding 48 months, main site of its business and interests in Italy and, finally, object social, exclusive or prevalent, involving the development, production and marketing of innovative products or services of high technological value.