finance research development AI projects bsf

How to finance research and development projects in the field of AI?

19 July 2024

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From 10 September 2024, the Ministry of Enterprises and Made in Italy will launch an important initiative to promote research and development (R&D) projects through the facilitations for "Smart Specialization". This strategic intervention is intended to support R&D projects with a budget of between 3 and 20 million euros, in line with the thematic areas of the National Strategy for Smart Specialisation.

Priority Thematic Areas

The facilities are reserved for projects consistent with the following thematic areas:

  • Artificial intelligence
  • Connection and digital security
  • Advanced materials and nanotechnology
  • Photonics and micro/nano electronics
  • Advanced systems of production
  • Technologies of the life sciences

Projects must aim to create new products, processes or services, or to significantly improve existing ones.

Recipients and requirements

The facilities are open to companies of all sizes and research centres, focusing on industrial research and experimental development projects of strategic importance for the production system in the following regions: Basilicata, Calabria, Campania, Molise, Puglia, Sardinia and Sicily.

Projects must meet the following criteria:

  • Eligible expenditure and costs between EUR 3 million and EUR 20 million.
  • Duration between 12 and 36 months.
  • Initiation after submission of the request for facilities.

Loans and grants

To support projects, more than 450 million euros are available, divided into:

  • EUR 328 million for soft loans through the Revolving Fund for business support and investment in research (FRI).
  • EUR 145.43 million for direct expenditure contributions from the resources of the 2007-2013 operational programmes.

Contributions to expenditure will cover a maximum percentage of eligible expenditure and costs as follows:

  • 30% for small businesses.
  • 25% for medium-sized enterprises.
  • 15% for large non-SMEs.
  • 10% increase under certain conditions.

Soft Loans and conditions

Soft loans will cover up to 50% of eligible costs and expenses. In addition, at least 20% of eligible costs and expenses will be financed by banks, subject to a positive credit assessment by a financing bank.

The initiative will also involve Cassa Depositi e Prestiti and the financing banks affiliated to the Italian Banking Association, thus ensuring comprehensive and structured support for the development of R&D projects in the priority areas of the National Smart Specialisation Strategy.

SOURCE: Boies Schiller Flexner Italy

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