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Revolving pledge: agreement between Crédite Agricole and Consorzio Balsamico Modena

Grosoli: "The ability to access credit against a pledge of goods can really make a difference for our producers"

Crédit Agricole Italia has signed a collaboration agreement with the Consorzio Tutela Aceto Balsamico di Modena which will allow associated companies to use the revolving pledge for the next marketing year. An important evolution in the application of the law on the revolving pledge introduced last year: among the objectives of the agreement, in fact, there is that of favoring the development of access to credit by the companies belonging to the Consortium to obtain consolidation of the local productive fabric. The members of the Consortium will therefore be able to make use of financing products and services at advantageous conditions, based on the possibility of providing a guarantee in the form of a revolving pledge in favor of the Bank, in relation to the granting of credit facilities. This means that from now on, thanks to the possibility of pledging stocks with the manufacturer, the Bank will be able to initiate credit lines to generate liquidity, with the necessary guarantees to cover the risk.

The agreement was signed by Mariangela Grosoli, President of the Consortium for the Protection of Balsamic Vinegar of Modena PGI and by Maurizio Crepaldi, Regional Director Parma - Emilia Est of Crédit Agricole Italia and provides, in detail, the possibility for the Bank to grant a credit, usable in one or more solutions, based on the market values of the pledged stocks of Balsamic Vinegar of Modena. "We believe that the revolving pledge favors better financial management and represents a particularly suitable solution for those who produce foods that complete their production cycle through aging or maturing processes", said Maurizio Crepaldi. "With this agreement, the demand for credit is stimulated to meet the needs of producers. It represents an important moment in the relationship between the Bank, the companies and the territory because it testifies to a concrete dialogue and the ability to identify shared solutions for real needs".

“An agreement - comments Mariangela Grosoli - which is reached in a particularly delicate moment for the manufacturing world. Many companies have faced and are still facing difficulties related to the continuing economic instability caused by the pandemic. Having the possibility of accessing credit against a pledge of goods can in some cases really make a difference for our producers”.

“As Crédit Agricole we were the first in Italy to propose the solution of the revolving pledge - explained Stefano Berni , Agro Banca d'Impresa Coordinator of Crédit Agricole Italia. Italy has a very large number of PDO and PGI denominations that represent a real heritage for our country and Crédit Agricole is proving to be a point of reference for companies that represent Italian agri-food excellence".

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EFA News - European Food Agency