QUARANTINE AND CREATIVE FINANCE: GORIZIA MORE AND MORE TRIESTE PROPERTY

04/04/2020

In times of coronavirus, to be precise on the March 15th edition, we learn from the Venezia-Giulia Economica page, a news portal promoted by the Venezia-Giulia Chamber of Commerce, composed respectively by the Chamber of Gorizia and the Chamber of Trieste, that the Confidi di Gorizia* will "transform" into the Confidi della Venezia-Giulia. Afterwards, we propose again a piece of the article (translated accordingly) that appeared on that page:

"These instruments are more pertinent to the province of Gorizia but, with certain programmatic intelligence, they will be able to produce effects on the whole district of Venezia Giulia. With the Gorizia Fund, moreover, will be supported in particular the Confidi Gorizia next Venezia Giulia".

Exactly, these are instruments pertaining to the Province of Gorizia, but as it seems, the fate of the Confidi-GO seems to look further south, precisely towards Trieste. This consortium, which became such in 2008, after the merger of three consortia related to trade, industry and handicraft, allows, as written on the consortium's home-page, the entrepreneurial realities to obtain financial support at agreed and improved conditions compared to normal market standards. This very body, through funding from the Chamber of Commerce, has been chosen to inject liquidity into businesses during this tragic moment.

For the record, the Confidi di Gorizia, according to the financial statements published on its page for the year 2018, holds a capital of over 14 million euros, with a balance sheet assets of over 32 million and operating profits that amounted to over 200 thousand euros. Also, it is important to note that the assets have been in place for many years now. The Confidi of Trieste is a completely different story.

The homonymous consortium of Trieste holds assets that amount to one-third of those of Gorizia, that is something over 10 million euros, while it has a capital that does not go over 8 million euros, just over half of that of Gorizia. But the matter does not end there, on the contrary. We learn, again from the budget of the Trieste consortium, that the Confidi di Trieste has been making a loss for three years now, with a loss, dated 2016, which exceeded 3 million euros.

Reading these numbers, what that phrase means "with certain programmatic intelligence, they will be able to produce effects on the whole district of Venezia Giulia" would seem to leave few doubts about it. We report public data, which have an important political and economic value, for a province of Gorizia next venture. District? We are sure that someone will want to tell us if we are still a region called Friuli Venezia Giulia or if the separation between the two entities is already established.



Martin Novak - Gorizia3.0


*From the website: Confidi Gorizia, born from the merger between the three Credit Guarantee Consortia of the province of Gorizia (Confidi Commercio, Confidi Artigiani, Confidi Industria), is a collective credit guarantee consortium based on the principles of mutuality and non-profit that since 2008 has become a reference point for the companies of the FVG in particular for the raising of financial resources.

The primary objective of Confidi Gorizia is to assist companies and freelancers in the management of relations with the credit world: on the one hand, it favours access to credit to SMEs of the Fvg through the granting of collective guarantees in favour of the affiliated credit institutions, allowing the entrepreneurial realities to obtain financial support at agreed conditions that are better than normal market standards, on the other hand, it supports the associated companies in identifying the most suitable sources of financing for their needs.

Confidi Gorizia, thanks to its long-standing and consolidated guarantee activity, makes it easier for companies to grant short, medium and long term loans, satisfying any business need and with no limit on the amount per single credit line. Confidi Gorizia assumes a risk, normally equal to 50%, on the credit lines contracted with banks contracted by its members, up to an overall maximum limit of 750,000.00 euros.