Cherry Bank, €5 million loan to Sperlari
The goal is to foster the development of Paluani 1921's production lines
Strong support for both the manufacturing business and the excellence of made in Italy, without forgetting the impacts on the local economy. These are the key points that guided the closing of the 5 million Euros financing operation by Cherry Bank towards Sperlari S.r.l., since 2017 part of the German group Katjes International.
The aim of the operation, is to support the working capital and enable the realization of new business opportunities to strengthen and increase suopositioning in the domestic and foreign markets.
"This important financial support -underlines an official statement- is mainly aimed at supporting the strategic business and the 2023 production campaign related, in particular, to the offer of Christmas specialties such as pandoro and panettone of Paluani 1921 S.r.l., a historic company from Verona and, until 2021, the fourth largest producer of panettone in Italy". In addition, the financing provides the company with the necessary economic resources to "meet the challenges and opportunities" that will arise in the market in the future.
"This financing represents an important economic commitment by Cherry Bank with a view to fostering the development and growth of the production lines of Paluani 1921, whose products are now made exclusively for Sperlari, which then distributes them in the large-scale retail channel and abroad through its sales network -explains Vincenzo Galileo, business development manager of Cherry Bank-. The operation confirms our commitment to supporting the local economy and promoting entrepreneurial development by offering financial services tailored to the needs of companies in different sectors".
"We are aware -he added- of the importance of supporting local businesses, especially in key sectors such as the food industry. The 5 million Euros guaranteed by the Bank will allow Sperlari and Paluani 1921 to consolidate their position in the market, promoting innovation and excellence in the sector. Moreover, we are convinced that this investment will bring significant benefits not only for the two companies involved, but also for the entire Veronese community".
EFA News - European Food Agency