Sanlorenzo and UniCredit announce credit deal worth €20m
Sanlorenzo and UniCredit have signed an agreement for a credit line of €15m aimed at supporting companies within the shipbuilder’s production chain. The agreement allows immediate access to liquidity, funds will be available to Sanlorenzo suppliers first to finance their working capital. A further €5m is available for the suppliers of subsidiary, Bluegame Yachts, a group company specialised in the design and sale of sport utility yachts.
Massimo Perotti, executive chairman of Sanlorenzo, said: “The agreement signed with a partner of excellence such as UniCredit has great value for all the artisan companies that work with Sanlorenzo, who have always enabled us to provide the best quality and highest level of customisation of our yachts.”
Sanlorenzo heads a supply chain that uses a digital platform connected to UniCredit’s payment systems – to pay its suppliers, uploading the invoices that it intends to pay on due dates. Suppliers, in turn, can access the platform and see in real time the invoices the client company has approved for payment. Using the platform, suppliers also have the ability to transfer invoices to UniCredit to obtain advance payment.
Simone Del Guerra, CEO of UniCredit Factoring, said: “In the first half of 2020, impacted by the pandemic and lockdown periods, demand for working capital grew exponentially in Europe. This type of agreement frees up capital and funds for businesses, stabilising supply and payment cycles and allows continuous access to credit based on the fundamental asset that is the strategic commercial relationship between suppliers and customers.”