OCDE - Financing SMEs and Entrepreneurs 2026 - Italia de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

Financing SMEs and Entrepreneurs 2026: Italy

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FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

Key facts on SME financing Small and medium-sized enterprises (SMEs) dominate the business landscape i n Italy, accounting for a large share of value added and employment. The Italian economy experienced modest growth in 2023, marking a significant slowdown compared to the previous year, partly due to the waning recovery in activities most impacted by the pandemic and the tightening of monetary conditions. GDP growth remained moderate throughout the following year and into the first months of 2025, supported by the continued positive trend in consump tion and construction spending. Financial market conditions were mainly affected by the gradual easing of monetary p olicy tightening throughout 2024; since the autumn, they were also impacted by geopolitical and trade tensi ons, heightening uncertainty regarding the macroeconomic outlook. The decline in bank lending to SMEs deepened during 2023 and 2024, amid sluggish credit demand. The drop was much more moderate for large firms, nearly coming to a halt in the early months of 2025. Lending standards continued to tighten in 2023 and much of the following year, refl ecting lower risk tolerance and heightened risk perception. The easing of credit supply policies, primarily observed from the final quarter of 2024, mainly benefitted large firms. After the spike in 2023, business borrowing rates edged

Lending standards continued to tighten in 2023 and much of the following year, refl ecting lower risk tolerance and heightened risk perception. The easing of credit supply policies, primarily observed from the final quarter of 2024, mainly benefitted large firms. After the spike in 2023, business borrowing rates edged down in the following year; collateral requirements held stable and low by historical standards. Credit quality remained good. The ratio of SME new non-performing loans to outstanding loans rose slightly in 2024, but the overall quality of the assets held by banks remained virtually unchanged. The stock of non-performing loans declined further. Early stage financing for SMEs experienced a modest rise in 2024, following the steep drop of the previous year. Conversely, the upswing in expansion capital observed in 2023 was replaced by a moderate decline, affecting both SMEs and, to a greater extent, large enterprises. Business-to-business payment delays, which had been declining after the increase recorded d uring the pandemic, reached a new low in 2024. The decrease was more pronounced for micro firms than for large enterprises, while remaining virtually unchanged for SMEs. After the decline observed in 2022, the number of judicial liquidations rose i n the following two years, reaching a level still significantly lower than that recorded in the ten years pr eceding the pandemic. This trend may have been driven by the increased use of debt restructuring tools, enco uraged by some provisions of the new Business Crisis and Insolvency Code. Financial support measures continued to help small business es face the challenges caused by the increased volatility surrounding macroeconomic trends. Credit guarantee schemes have traditionally played a key role in easing SME ac cess to finance. A temporary framework for loans backed by the Central Guarantee Fund was introduced for 2024, based on more favourable conditions than those in place before the pandemic, but less ad vantageous than those implemented after the outbreak of the conflict in Ukraine. Italy2 

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

more favourable conditions than those in place before the pandemic, but less ad vantageous than those implemented after the outbreak of the conflict in Ukraine. Italy2 

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

Table 1. Scoreboard for Italy Indicator Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs EUR billion 187 191 193 210 206 204 196 192 188 175 170 166 161 167 166 164 153 142 Outstanding business loans, total EUR billion 998 1 067 1 057 1 124 1 135 1 119 1 061 1 026 1 016 985 961 962 937 991 1 000 996 956 919 Share of SME outstanding loans % of total business loans 18.7 17.9 18.3 18.7 18.2 18.2 18.5 18.7 18.5 17.8 17.6 17.2 17.2 16.8 16.6 16.4 16.0 15.4 Short-term loans, SMEs EUR billion 59 56 52 50 48 47 42 39 35 31 28 27 26 19 17 17 16 16 Long-term loans, SMEs EUR billion 115 120 125 135 132 128 122 115 112 103 101 100 97 111 114 110 100 91 Total short and long-term loans, SMEs EUR billion 174 177 177 185 180 175 164 154 147 134 129 127 123 130 132 127 116 107 Share of short-term loans, SMEs % of total short and long-term SME loans

Total short and long-term loans, SMEs EUR billion 174 177 177 185 180 175 164 154 147 134 129 127 123 130 132 127 116 107 Share of short-term loans, SMEs % of total short and long-term SME loans 34.0 31.9 29.3 27.0 26.5 26.7 25.7 25.4 23.8 22.9 21.8 21.3 20.8 14.6 13.2 13.6 13.9 14.6 Direct government loans, SMEs EUR million 337 373 255 276 273 252 390 597 392 418 431 428 621 1 567 3 081 1 753 1 752 1 663 Government guaranteed loans, SMEs EUR billion 2.30 2.35 4.91 9.12 8.38 8.19 10.81 12.94 15.07 16.70 17.46 19.31 19.38 124.39 93.56 53.86 46.24 42.53 Government loan guarantees, SMEs EUR billion 1.15 1.16 2.76 5.23 4.44 4.04 6.41 8.39 10.22 11.57 12.26 13.73 13.34 105.9 67.64 42.14 34.80 29.90 Non-performing loans, SMEs EUR billion

22.9 27.9 30.5 33.3 38.6 43.5 47.5 49.5 47.4 38.8 26.3 22.5 18.3 15.4 11.9 12.3 11.3

Non-performing loans, SMEs % of total SME loans

12.0 14.5 14.5 16.1 19.0 22.1 24.8 26.4 27.0 22.8 15.8 13.9 11.0 9.3 7.3 8.0 8.0 Interest rate, SMEs % 6.3 6.7 3.8 4.0 5.2 6.0 5.7 4.8 4.2 3.5 3.3 3.4 3.4 2.3 2.8 5.3 7.0 5.9 Interest rate, large firms % 5.7 5.7 2.4 2.4 3.6 4.0 3.8 2.9 2.2 2.1 2.1 2.1 1.7 1.5 1.6 3.3 5.7 4.7 Interest rate spread Percentage points 0.6 1.0 1.4 1.6 1.6 2.0 2.0 1.9 1.9 1.5 1.2 1.3 1.7 0.8 1.2 2.0 1.3 1.3 Collateral, SMEs % 54 54 52 53 55 55 56 56 57 58 58 58 58 54 52 53 53 53 Rejection rate % of firms reporting that they had not obtained some or all of the credit requested

3.1 8.2 6.9 5.7 11.3 12.0 8.9 8.4 6.0 4.0 4.2 4.6 4.1 5.8 2.8 2.6 2.2 1.8 Utilisation rate SME loans used / authorised 79.7 80.7 80.7 82.8 84.5 86.6 87.2 87.8 87.5 85.5 85.1 85.5 84.9 83.5 84.3 84.6 84.4 84.1 Non-bank finance Venture capital investments (early stage), SMEs EUR million 66 115 98 89 82 135 82 43 74 103 133 324 270 355 587 1 179 752 785 Growth capital investments (expansion), SMEs EUR million 295 440 260 263 500 504 438 230 170 155 161 125 143 133 325 204 366 307 Growth capital investments (expansion), total EUR million 641 796 371 583 674 926 914 1 179 333 710 337 816 896 354 858 483 941 695 Other indicators Payment delays, B2B (all firms) Average number of days 20.4 21.3 17.3 16.2 17.5 17.3 16.1 15.0 13.4 12.3 12.2 12.4 13.4 10.8 9.5 9.5 8.8 Bankruptcies, total Number 6 168 7 510 9 373 11 241 12 163 12 549 14 133 15 690 14 745 13 535 12 081 11 258 11 162 7 650 9 037 7 207 7 887 9 194

Bankruptcies, total %, Year-on-year growth rate 21.8 24.8 19.9 8.2 3.2 12.6 11.0 -6.0 -8.2 -10.7 -6.8 -0.9 -31.5 18.1 -20.3 9.4 16.6 Incidence of insolvency, total per 10 000 enterprises 10.8 13.1 16.4 19.7 21.3 22.0 24.7 27.5 25.8 23.7 21.1 19.7 19.5 13.4 15.8 12.8 13.4 16.5

Source: See Table 5. 3

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

Macroeconomic and financing conditions The Italian economy recorded modest growth in 2023, showing a sharp slowdown compared to the previous year, partly due to the fading recovery in the activities most affected by the pandemic and tighter monetary conditions. GDP growth remained moderate throughout the following year and in the first months of 2025, when it was buoyed by the still positive trend in consumption and construction spending. Italian financial market conditions were mainly affected by the monetary policy stance and expectations surrounding future developments in key interest rates. The sharp deceleration in energy price growth drove the disinflation process, which began at the start of 2023 and gained strength in the c ourse of the year. The ECB tapered its restrictive monetary policy in 2024, amid ongoing weakness in economic activity. Financial market conditions were primarily affected by the gradual easing of moneta ry policy tightening; since the autumn, they were also impacted by geopolitical and trade tensions, heightening uncertainty regarding the macroeconomic outlook. SMEs in the national economy Small and medium-sized enterprises account for the vast majority of Italian bus inesses; micro-firms are

since the autumn, they were also impacted by geopolitical and trade tensions, heightening uncertainty regarding the macroeconomic outlook. SMEs in the national economy Small and medium-sized enterprises account for the vast majority of Italian bus inesses; micro-firms are close to 95% (see Table 2). In 2023, SMEs generated about two-thirds of turnover and v alue added (see Figure 1). Table 2. Distribution of firms in Italy, 2023 Firm size (employees) Total active enterprises1 Of which according to the SBS Regulation (No 295/2008)2 Number % Number % All firms 4 508 791 100 3 788 877 100 SMEs (up to 249) 4 504 226 99.9 3 784 775 99.9 Micro (up to 9) 4 273 161 94.8 3 570 255 94.3 Small (10-49) 205 122 4.5 190 992 5.0 Medium (50-249) 25 943 0.6 23 528 0.6 Large (250+) 4 565 0.1 4 102 0.1

Notes:

1. Financial and insurance activities are excluded.

2. Data include all market activities in Sections B, C, D, E, F, G, H, I, J, L, M, N of the common statistical classification of economic activities in the European Community as established by Regulation (EC) No 1893/2006 (Nace Rev. 2). Data include firms with and without employees.

Source: Istat.4 

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

Figure 1. Firms, turnover and value added in Italy, 2023 As a percentage

Source: Istat.

Box 1. Definition of SMEs used in Italy’s SME and Entrepreneurship Finance Scoreboard Country definition

Figure 1. Firms, turnover and value added in Italy, 2023 As a percentage

Source: Istat.

Box 1. Definition of SMEs used in Italy’s SME and Entrepreneurship Finance Scoreboard Country definition In accordance with Eurostat standards, the Italian National Institute of Statistics defi nes small and medium enterprises as firms with fewer than 250 employees. In detail, microenterprises and small firms have, respectively, fewer than 10 and 10-49 employees, while medium-sized enterpr ises are defined as those with 50-249 employees. The SME definition used by financial institutions The Bank of Italy classifies data on business lending by firm size: small firms are defined as limited partnerships, general partnerships, informal partnerships, de facto companies and sole proprietorships with fewer than 20 workers. This data disaggregation has been used for most indicators on the debt side. SME lending The contraction in bank lending to SMEs intensified during 2023 and 2024 in a context of subdued credit demand and persistently tight credit standards. The drop was much more m oderate for large firms, as it nearly came to a halt in the early months of 2025. The share of SME loans in total business loans declined further to 15.4%, marking a new low since 2007. Trends in loan maturities confirm the shift from short-term to long-term lending in recent years, a development that likely reflects the need to address heightened economic uncertainty.

95% 4% 1% Firms 22% 21% 21% 36% Micro Small Medium Large Turnover 27% 20% 18% 35% Value added 5

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

Figure 2. Lending in Italy, 2007-2025 Year-on-year change, as a percentage

Source: Bank of Italy.

Credit conditions

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

Figure 2. Lending in Italy, 2007-2025 Year-on-year change, as a percentage

Source: Bank of Italy.

Credit conditions Lending standards kept tightening in 2023 and for much of the following year, still reflecting lower risk tolerance and higher risk perception. According to the results of the euro area bank lending survey (BLS), following the start of the monetary policy rate-cutting cycle in June 2024, Ital ian banks only modestly relaxed their credit supply policies for businesses. This easing, which was predominantly observed from the final quarter of 2024, mainly benefitted large firms and came after a period of more pronoun ced restrictions during the phase of monetary tightening (see Figure 3). -10 -5 0 5 10 15 20 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201 9 2020 2021 2022 2023 2024 2025 Small firms (< 20 employees) Medium and large firms (>= 20 employees)6 

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

Figure 3. Credit conditions for SMEs and large firms in Italy, 2007-25 Diffusion index

Note: SMEs have an annual net turnover of up to EUR 50 million. The dates reported in the table coincide with the month following the quarter covered by the survey.

Source: Euro area bank lending survey (BLS).

According to the Bank of Italy's Survey on Industrial and Service Firms, in 2024 the rejection rate, defined as the share of SMEs reporting that they were denied some or all of the credit they requested , dropped to a record low of 1.8% since 2007, marking a 4 percentage point decrease compared to the value recorded during the pandemic crisis.

as the share of SMEs reporting that they were denied some or all of the credit they requested , dropped to a record low of 1.8% since 2007, marking a 4 percentage point decrease compared to the value recorded during the pandemic crisis. Following the spike in 2023, driven by the passthrough of the ECB’s key interest rates to loan costs, business borrowing rates edged down in 2024, though still standing at historical ly high levels, especially for small enterprises. The interest rate spread between the average SME and large enterpris e rate narrowed significantly. Collateral requirements held stable compared to the previous two years, though s till low by historical standards. In 2024, 53% of SME loans were backed by real guarantees, marking one of the lowest values in the last eighteen years. Credit performance remained solid. The ratio of SME new non-performing loans (NPLs, which include bad debts) to outstanding loans rose slightly in 2024, but the overall quality of the ass ets held by banks remained virtually unchanged over the period. The stock of non-performing loans declined further.

-0.3 -0.2 -0.1 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 Jan April July Oct Jan April July Oct Jan April July Oct Jan April July Oct Jan April July Oct Jan April July Oct Jan April July Oct Jan April July Oct Jan April July Oct Jan April

July Oct Jan April July Oct Jan April July Oct Jan April July Oct Jan April July Oct Jan April July Oct Jan April July Oct Jan April July Oct Jan April July Oct Jan April July 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201 9 2020 2021 2022 2023 2024 2025 Loans to small and medium-sized enterprises Loans to large enterprises 7

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

Figure 4. Ratio of new NPLs to outstanding loans in Italy, 2007-25 Quarterly flows of NPLs as a percentage of the stock of performing loans at the end of the previous quarter

Source: Bank of Italy.

Alternative sources of SME financing Total early stage and expansion capital investment declined slightly in 2024 , after remaining virtually unchanged in the previous year (see Table 3). Resources directed towards small and medium-sized firms recorded a modest rise, following a nearly 40% drop in the previous year. Conversely , the upswing in expansion capital observed in 2023 was followed by a moderate decline, affectin g both SMEs and, to a greater extent, large enterprises. Table 3. Early stage and expansion capital in Italy, 2007 - 2024 In EUR million 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0-9 110 111 99 141 95 156 290 61 117 75 54 102 96 151 287 312 367 321

0-9 110 111 99 141 95 156 290 61 117 75 54 102 96 151 287 312 367 321 10-19 39 121 30 24 35 29 26 7 8 19 13 27 72 55 58 127 115 98 20-99 80 243 136 113 182 326 116 189 97 63 179 302 145 240 272 356 413 379 100-199 114 57 65 73 212 62 65 15 19 102 32 16 95 36 276 476 144 232 200-249 18 24 28 2 59 65 23 1 4 1 16 2 5 6 18 112 79 61 SMEs sub-total 361 556 358 352 582 639 520 273 244 259 294 449 413 488 912 1383 1118 1092 250 - 499 52 98 19 27 24 50 195 43 44 80 81 159 3 62 117 35 217 211 500 - 999 114 65 26 12 48 123 67 218 10 5 15 404 52 51 216 61 235 159

500 - 999 114 65 26 12 48 123 67 218 10 5 15 404 52 51 216 61 235 159 1 000 - 4 999 180 27 66 268 100 205 94 587 109 10 80 48 449 131 168 183 59 131 >5 000 - 165 - 14 3 44 120 101 - - - 80 250 - 32 - 74 27 Total 707 911 469 672 756 1061 996 1222 407 813 470 1140 1167 731 1445 1661 1703 1622

Source: AIFI-PwC.

0 1 2 3 4 5 6 7 8 9 10 11 Small firms (< 20 employees) Medium and large firms (>= 20 employees)8 

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

New stock market listings, which in 2023 were higher than the average of the previous three year s, decreased. Most transactions, however, were concentrated in the segment dedicated to small businesses. Fundraising through online financing channels remained subdued. In 2024, equ ity crowdfunding, which enables SMEs to access capital via dedicated online platforms, and lending cr owdfunding, through which loans are funded by retail investors using digital channels, exhibited signs of weakness. Other indicators Business-to-business payment delays, which had been declining after the upswing recorded during the pandemic, decreased further overall. According to Payline database, which tracks the transactions of more than three million Italian companies, in 2024 the decline was more pronounced for mi cro firms (9.0 days,

Other indicators Business-to-business payment delays, which had been declining after the upswing recorded during the pandemic, decreased further overall. According to Payline database, which tracks the transactions of more than three million Italian companies, in 2024 the decline was more pronounced for mi cro firms (9.0 days, down from 10.4 in 2023) than for large enterprises (10.1, down from 10.7), while stabilising for SMEs at 7.6 days (see Table 4). Table 4. Payment delays in Italy, 2008 - 2024 Average number of days 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Payment delays, microfirms Average number of days 15.7 17.0 16.9 15.7 17.3 16.4 15.7 15.0 13.7 12.9 13.0 13.0 14.6 12.1 10.3 10.4 9.0 Payment delays, SMEs Average number of days 13.3 15.2 13.1 11.6 12.7 13.1 12.5 11.4 9.8 9.1 9.3 9.7 10.9 7.8 7.3 7.6 7.6 Payment delays, large firms Average number of days 22.7 23.5 19.1 18.2 20.3 19.6 18.8 18.4 16.6 15.1 14.7 14.5 15.0 12.5 11.2 10.7 10.1

Source: Cerved, Payline database.

After the decline observed in 2022, the number of judicial liquidations increased in the following two years, reaching just over 9 000 in 2024, a figure still significantly lower than that recorded in the ten years prior to the public health emergency (see Figure 5). The lower reliance on judicial liquidations in the last years compared to the period before the pandemic reflects both the improvement in the economic and financial conditions of busines ses, as well as the selection processes that have taken place over the last decade, which led to the exit fr om the market of the more vulnerable ones. Additionally, the more frequent use of debt restructuring tools, supported by certain provisions of the new Business Crisis and Insolvency Code, may have contributed to this trend. 9

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

Figure 5. Bankruptcies in Italy, 2007 - 2024 Number; year-on-year change

Source: Cerved.

Government policy response The challenges faced by small businesses continued to be mitigated by public support measures designed to manage the increased volatility surrounding macroeconomic trends. Credit guarantee schemes have long been essential in facilitating SME access to fin ancing. In 2024 the Central Guarantee Fund for SMEs provided nearly EUR 30 billion in guarantees for EUR 42.5 billion worth of loans (see Figure 6). Figure 6. The activity of the Central Guarantee Fund for SMEs in Italy, 2007 - 2024 Flows, in EUR billion

Source: MedioCredito Centrale.

-40 -30 -20 -10 0 10 20 30 40 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 20 000

Source: MedioCredito Centrale.

-40 -30 -20 -10 0 10 20 30 40 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 20 000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201 9 2020 2021 2022 2023 2024 Bankruptcies, total (Left axis) Bankruptcy growth rate, % (Right axis) 0 20 40 60 80 100 120 140 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201 9 2020 2021 2022 2023 2024 Guaranteed loans Loan guarantees10 

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

In recent years, its operativity has undergone several changes. A temporary fram ework for loans backed by the Fund was introduced for 2024, based on more favourable conditions than those in place before the pandemic, but less advantageous than those implemented after the outbreak of the conf lict in Ukraine. In particular, coverage based on the different tiers of the Fund's assessment model were partially reinstated, along with the exclusion of higher-risk companies falling within the fifth ti er of the Fund's assessment model. The 2025 Budget Law extended the temporary framework for loans guaranteed by the Fund for 2025, introducing certain changes compared to the previous rules. In particular, among th e regulatory provisions, the maximum guarantee coverage for loans granted for liquidity needs has been reduced; in addition, it has been clarified that companies with fewer than 250 employees that exc eed one or both of the financial thresholds set out in the EU definition of SMEs may access the guarantee for individual transactions as well as for an investment portfolio.

addition, it has been clarified that companies with fewer than 250 employees that exc eed one or both of the financial thresholds set out in the EU definition of SMEs may access the guarantee for individual transactions as well as for an investment portfolio. Within the wider context of government policy responses to the crisis and, simultaneously, to the challenge posed by the ‘twin transition’, Italian public authorities also introduced or reinforced measures targeting start-ups and innovative SMEs. The National Innovation Fund (CDP Venture Capital Sgr) was set out in the 2019 Budget Law to streamline public resources devoted to innovation, whi le acting as a catalyst for private and international capital. With an initial endowment of EUR 1 billion, it now manage s assets worth more than EUR 4.7 billion. In 2022, CDP Venture Capital Sgr also began managing the Digital Transition Fund and the Green Transition Fund, funded by the National Recovery and Resilience Plan, part of the Next Generation EU programme. With a budget of around EUR 400 million, the Digital Transition Fund ai ms to promote the digital transformation of supply chains through direct and indirect venture capital investments. The Green Transition Fund supports the growth of an innovation ecosystem throug h direct and indirect venture capital investments in green transition sectors, such as renewable energy, c ircular economy, sustainable mobility, energy efficiency, waste management and energy storage, mobilising EUR 250 million. More broadly, CDP Venture Capital’s goal is to foster innovation in strategic sectors that drive national growth, including Artificial Intelligence ( AI) & Cybersecurity, AgrifoodTech, Spacetech, Healthcare & Life Science, Cleantech, IndustryTech, and Infratech & Mobility. In 2024, CDP Venture Capital Sgr launched the AI & Cybersecurity Fund aimed at s upporting market growth and the adoption of AI, while promoting the ethical and responsible development of t he AI ecosystem, with a total allocation of EUR 450 million. 11

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

growth and the adoption of AI, while promoting the ethical and responsible development of t he AI ecosystem, with a total allocation of EUR 450 million. 11

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

Figure 7. Trends in SME and entrepreneurship finance in Italy

Source: Table 112 

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

Table 5. Sources and definitions of Italy's Scoreboard Indicator Definition Source Debt Business loans, total Outstanding loans (stocks, including repos) by banks and other financial institutions. For bank loans: bad loans including factoring from Q408. For other financial intermediaries’ loans: bad loans including factoring. As of June 2010, loans include securitised, or otherwise transferred, loans. Bank of Italy, Supervisory returns (for bank loans) and Central Credit Register (for other financial intermediaries loans; subject to reporting threshold: as of January 2009, the reporting threshold for loans and guarantees, which was previously set to EUR 75 000, has been lowered to EUR 30 000; no threshold applies for reporting bad loans); supply side data sets Business loans, SMEs Outstanding loans (stocks, including repos) by banks and other financial institutions. For bank loans: bad loans including factoring from Q408. For other financial intermediaries’ loans: bad loans including factoring. As of June 2010, loans include securitised, or otherwise transferred, loans. Bank of Italy, Supervisory returns (for bank loans) and Central Credit Register (for other financial intermediaries loans; subject to reporting threshold) Short-term loans, SMEs Loans (including repos); maturity up to 12 months (up to 18 months until Q308 for data drawn from supervisory returns and until Q109 for data drawn from the Central Credit Register). Bank of Italy, Supervisory returns (for bank loans) and

Short-term loans, SMEs Loans (including repos); maturity up to 12 months (up to 18 months until Q308 for data drawn from supervisory returns and until Q109 for data drawn from the Central Credit Register). Bank of Italy, Supervisory returns (for bank loans) and Central Credit Register (for other financial intermediaries loans; subject to reporting threshold) Long-term loans, SMEs Loans (including repos); maturity more than 12 months (more than 18 months until Q308 for data drawn from supervisory returns and until Q109 for data drawn from the Central Credit Register). Bank of Italy, Supervisory returns (for bank loans) and Central Credit Register (for other financial intermediaries loans; subject to reporting threshold) Direct government loans, SMEs Sum of direct loans granted to SMEs (firms with less than 250 employees) by the Italian government. Ministry of Enterprises and Made in Italy Government guaranteed loans, CGF Government guaranteed loans to SMEs (firms with less than 250 employees) by the Central Guarantee Fund. Central Guarantee Fund – MedioCredito Centrale (MCC) Government loan guarantees, CGF Government loan guarantees to SMEs (firms with less than 250 employees) by the Central Guarantee Fund. Central Guarantee Fund – MedioCredito Centrale (MCC) Non-performing loans, SMEs Bank and other intermediaries non-performing loans. Nonperforming loans include bad loans, unlikely to pay, and nonperforming past-due and/or overdrawn exposures. Securitisations are excluded. For bank non-performing loans: including factoring from Q408. For other financial intermediaries, non-performing loans including factoring. Bank of Italy, Supervisory returns (for bank nonperforming loans) and Central Credit Register (for other financial intermediaries non-performing loans) Interest rate, average SME rate Annual Percentage Rate of Charge (i.e. including fees and

intermediaries, non-performing loans including factoring. Bank of Italy, Supervisory returns (for bank nonperforming loans) and Central Credit Register (for other financial intermediaries non-performing loans) Interest rate, average SME rate Annual Percentage Rate of Charge (i.e. including fees and commissions) on new term loans. Bank of Italy, AnaCredit, for 2019. Data refer to the interest rates charged to non-bank customers for the following transactions: credit lines other than revolving credit, reverse repurchase agreements, finance leases, other loans. The reporting threshold equals or exceeds EUR 25 000. Bank of Italy, Survey of lending rates, for 2007-2018. The survey refers to the rates charged to non-bank customers for the following transactions: matched loans, term loans and revocable loans, provided the sum of the amounts of the above forms of financing granted or used reported to the Central Credit Register equals or exceeds EUR 75 000 Interest rate spread (between average SME and large firm rate) Spread between average interest rate charged to SMEs and large firms. Annual figures taken from fourth quarter of the respective year. Bank of Italy, AnaCredit, for 2019 Bank of Italy, Survey of lending rates, for 2007-2018 Collateral, SMEs Percentage of SME bank and other financial intermediaries’ loans backed by real guarantees. Central Credit Register, subject to reporting threshold 13

FINANCING SMES AND ENTREPRENEURS 2026: ITALY © OECD 2026

Rejection rate, SMEs Percentage of SMEs (defined as firms with 20-249 employees) reporting they did not obtain the requested amount in full. Bank of Italy, Survey of Industrial and Service Firms Loans authorised, SMEs Sum of the loan facilities granted to each borrower by all the intermediaries reporting to the Cen