From Intesa Sanpaolo 5 million euros for small cultural realities

Important initiative by Intesa San paolo Prossima, the Intesa Sanpaolo structure dedicated to the Economy of the Common Good: the institution yesterday signed an agreement with Federculture, Agis, Forum del Terzo Settore and Alleanza delle cooperative to support the world of culture. For the revitalization of the cultural sector, the bank will make available a portion of its Solidarity and Development Fund of 5 million euros, providing a leverage effect that will enable it to grant loans of up to 25 million euros to smaller peripheral and youth realities with particular difficulties in accessing credit. Intesa Sanpaolo Prossima’s goal is to further increase its credit commitment to the sector, now estimated at 250 million euros, to support its revitalization.

There are then other terms in the agreement: the launching of a space for discussion in which operators in the sector meet on an ongoing basis to define sustainability models based on their respective experiences (a tool that Intesa considers to be of strategic value, according to the bank’s existing experience in other sectors such as childhood, sports and social-health services); the objective of preparing the conditions that will allow through credit (short and especially medium/long-term) the development of the cultural system with a better overall sustainability than before the health crisis due to the spread of the Covid-19 pandemic.

It is, moreover, evident that the world of culture is burdened by both the as yet uncalculated effects of physical distancing, with the inevitable reduction in attendance at cultural venues, and those related to the diminished economic capacity of individuals and families, compounded by the crisis in tourism with a drastic reduction in domestic and international circulation. Intesa Sanpaolo believes that by pooling their respective resources and expertise to ensure direction and support for the culture system by overcoming the traditional fragility that characterizes many operators in the sector, the actors involved in the agreement aim to intercept the Public Guarantee Funds activated to improve access to credit and to more comprehensively assess the business models of the various cultural sectors (theater, live music, festivals, museums) to facilitate the provision of long-term credit.

“Networking with economic actors in sectors of primary interest to the country,” says Marco Morganti, head of Intesa Sanpaolo Prossima, “is one of the lines of action that has best identified us for 13 years. The effects (as demonstrated by our experiences in the areas of childhood, sports and health and social services) are a decisive improvement in access to credit and better sustainability. Culture and live performances are in a ’perfect storm’ today, to be transformed into a turning point toward better sustainability than pre-crisis. The presence of public guarantees, which are being determined today, will help the process, but precisely for this we need to prepare short- and especially medium- to long-term plans, in a way that is shared with the operators. The platform that is being formed today is open to any entity that would like to join together to strengthen cultural enterprises, improve their sustainability and accompany them toward growth.”

“We know well,” says Andrea Cancellato, president of Federculture, "how much the crisis of these months has affected the country and the culture sector in particular. The agreement with Intesa Sanpaolo Prossima and the other partners will help cultural enterprises, particularly those that are more fragile and less structured to deal with the reverses of the crisis, to overcome the ford of the emergency and will be a useful tool to innovate the production models of cultural offerings, strengthening them and making them more sustainable. An initiative that does not contradict but complements the state-guaranteed National Fund for Cultural Enterprises included in the Relaunch Decree. We hope that the day after the decree is converted, the Ministry will adopt the necessary implementing decrees so that the Fund can be used immediately by cultural and third sector enterprises that absolutely need it.

The effects that the crisis has had on the performing arts sector," stresses Francesco Maria Perrotta, Agis Delegate, “are there for all to see. It is not a form of entertainment that has stopped (and probably, in its full form, will stay stopped for a while longer) but it is another piece of the economy, not so insignificant given our tradition, as well as an important piece of welfare that has been missing. The initiative we are putting in place thanks to Intesa Sanpaolo Prossima not only offers tools to reinvigorate the great heritage of cultural activities, of which we are among the world’s leading holders, but is intended to represent a network of solidarity for the future development of the cultural and creative sector, to enable it to take on the core business role that it undoubtedly deserves.”

“The reduction of inequalities between people and territories,” points out Claudia Fiaschi, National Forum of the Third Sector spokesperson, “also passes through access to cultural and social opportunities for all people, and particularly for the most fragile ones, as well as the enhancement of the most marginal territories. The creation of a cultural offer of proximity, the promotion of minor cultural sites are just some examples of the initiatives that are carried out by the world of the Third Sector, both associative and entrepreneurial, which has always been in the forefront also in the areas of culture and live entertainment. A commitment strongly challenged by this emergency, but on which, we are convinced, the country’s restart will also depend. We therefore consider this alliance, which lays the foundations for collaborations and investments in the networks of the Third Cultural Sector, the suburbs and young people, to be valuable.”

From Intesa Sanpaolo 5 million euros for small cultural realities

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