Rice: Illimity Bank supports the development of Sp
Intervention of 8 million for the development of an innovative and sustainable industrial plan
Illimity Bank SpA granted a medium / long-term loan worth approximately 4.3 million euros in favor of SP SpA, a company active in the processing, packaging and marketing of rice on a national and international level. The loan, with a duration of 6 years and assisted by Sace through "Garanzia Italia" (the instrument provided for by the liquidity decree intended to support Italian companies during the Covid-19 emergency), is part of a broader operation which also includes a factoring agreement and brings the total value of the Bank's intervention to approximately 8 million euros.
In detail, the credit institute has granted the company a credit line of 3.5 million euros, which can be used for the transfer by SP of the receivables due from foreign customers. The intervention of illimity is aimed at supporting the new industrial plan of the company, which has made several investments in the last few for the purchase of state-of-the-art systems and to automate almost the entire production process, making the plant in the province of Vercelli one among the most innovative in the sector in Europe.
Headquartered in Stroppiana (Vc), SP is today one of the leading operators in Italy and Europe in terms of turnover in the sector with a production value of approximately 45 million Euros in 2020. The company's core business is based on the selection of qualities of rice on the market and on the processing and sale of loose and packaged rice. The company pays attention to the issue of sustainability. Some examples are: the reuse of rice waste in the automotive sector, due to the fireproof characteristics of the materials, or the use of rice by-products for the production of protein bars in the food sector or in the sustainable construction sector.
EFA News - European Food Agency