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Western Union Provides Access to COVID-19 State Guaranteed Loans for Business Customers

Western Union broadens its range of services for business clients with Guaranteed loans for Italian SMEs

The Western Union Company, a leader in cross-border, cross-currency money movement and payments, through Western Union International Bank GmbH (WUIB), a licensed credit institution in Austria, is expanding its international payments and risk management product solutions portfolio with an ancillary lending offer aimed at Italy-based Small/Medium Enterprises. As a participant of Medio Credito Centrale State-guaranteed lending program, Western Union Business Solutions can accept loan applications to help provide financial assistance to eligible Western Union Business Solutions existing clients in Italy.

“The Italian economy has been severely hit by the COVID-19 crisis, with some of the country’s key industries still in the early stages of the recovery phase. We are committed to support our SME customers to address the challenges their treasury is currently facing, helping them manage risks of international trade and foreign currency exposure as well as to access the State-guaranteed loan program and inject liquidity in their day-by-day operations,” said Christian Traversini, Head of Southern Europe for Western Union Business Solutions. “We are happy to be there for our clients in these difficult times.”

The recently approved Government Decrees (“Decreto Liquidità e successive modifiche”) aim at helping Italian businesses maintain current employment levels as well as to fund their daily operations. The approved lending applications will be guaranteed at 90% or 100% of the notional amount by Medio Credito Centrale, a state-owned financial institution. The loans provide funding for payroll, rent/mortgage interests and utility bills, with no collateral or personal guarantees required to applicants.

Applications will close on December 31, 2020, although funds are capped based on available government funding.

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