Supply@ME Capital PLC (LSE:SYME) said it has a new unsecured €1mln bank loan for its Italian subsidiary with Banco BPM, the third largest banking group in Italy.
The loan will be primarily used for Italy-based arm Supply@ME Technologies Srl to invest in technology to underpin the Supply@ME platform, the fintech company said.
Banco BPM has provided the loan at 275 basis points over the Euribor interest rate, with a five-year term, including the initial six months of interest-only repayments, followed by 54 months of combined principal and interest repayments.
In a statement, Alessandro Zamboni, chief executive of Supply@ME said: “We are very pleased to secure this loan facility with Banco BPM, which follows the analysis of the group's business plan and product suite. This is a key development for the business which will help to lower the cost of capital for the group."