Italian banking group Intesa Sanpaolo signed an agreement with Sanlorenzo that will allow small and medium suppliers access to a 50-million-euro credit line — about $56 million in U.S. dollars — for advances on components being made for the manufacturer.
“We are facing extraordinary events: to start again, we need to create a system and be firm in the supply chain,” said Teresio Testa of Intesa Sanpaolo in a statement.
The transaction takes the form of a digital supply-chain finance program that will function as an intermediary between Sanlorenzo and their suppliers, with the goal of giving suppliers easier and faster access to credit — in short, advances on receivables so they can continue to produce.
This goal is to optimize working capital for both the buyers and the sellers and allow Sanlorenzo to simplify payment procedures towards supplier companies.
“We are very satisfied with this transaction entered into with an excellent partner like Intesa Sanpaolo, which pays great attention to the Italian territorial districts,” said Sanlorenzo executive president Massimo Perotti. “This agreement is of great value for Sanlorenzo, as well as for the more than 1,500 craft businesses working alongside us in the production of our yachts which will benefit from a concrete support tool, in a delicate moment like the current one, to continue to grow and develop together with Sanlorenzo”
The relationship between company and suppliers represents a fundamental link “holding together the local productive fabric,” said Testa.
“And the strongest companies right now, together with the banking system, have to take responsibility for the companies in the supply chain which are smaller in size and therefore more fragile,” said Testa. “The operation with Sanlorenzo is a response to this sense of responsibility. Together we want to pay attention and add value to the artisans operating in the area and the resources for growth and development.”
