With Resolution No. 2994 of September 9, 2024, the Lombardy Region recently launched the new \u00abQuota Lombardia\u00bb initiative, aimed at supporting Lombard SMEs in their listing process on multilateral trading systems (MTF), specifically targeting listings on Euronext Growth Milan (EGM), the market of Borsa Italiana dedicated to high-growth potential SMEs. With a total budget of \u20ac25 million (distributed as \u20ac12 million in 2025, \u20ac9.6 million in 2026, and \u20ac3.4 million in 2027), this initiative provides non-repayable grants to cover the expenses related to the listing process.<\/p>\n\n\n\n
SMEs (defined as companies with fewer than 250 employees, an annual turnover not exceeding \u20ac50 million, and\/or a total annual balance sheet not exceeding \u20ac43 million) may apply for the contribution, provided that at the time of the application (i) they are duly incorporated, registered, and active as recorded in the Business Register, and (ii) they have undertaken or intend to undertake a listing process with a capital increase of at least 50% of the initial public offering (IPO). Companies must have a registered office and operational headquarters in Lombardy at the time of listing admission, and this requirement must be maintained for at least three years after the final disbursement of the contribution.<\/p>\n\n\n\n
The non-repayable grant has a maximum limit of \u20ac600,000, with up to \u20ac300,000 for listing admission costs and \u20ac300,000 for consulting services related to the listing, incurred up to three years after the listing (consulting costs are limited to 50%). Further details, as well as the obligations of the applicant companies, will be outlined in the implementation notice to be published.<\/p>\n\n\n\n
Within the scope of the \u00abQuota Lombardia\u00bb initiative, eligible consultancy expenses include: (i) the implementation of management control systems; (ii) drafting of the business plan; (iii) financial due diligence; (iv) drafting of the admission document, prospectus, or other placement-related documents; (v) production of research (including independent research); (vi) legal, tax, and contractual activities strictly related to the listing procedure; (vii) activities required to place shares with investors; (viii) non-recurring communication and investor relations activities; (ix) activities related to financial statement audits; (x) the activities of the intermediary assisting the company in gaining admission to trading.<\/p>\n\n\n\n
The Resolution specifies that \u00abexpenses eligible for the contribution must be incurred and paid after the submission date of the contribution application, except for preparatory costs that do not constitute a ‘start of works’, and before the presentation of the final report.\u00bb<\/p>\n\n\n\n
The specifics of eligible expense types will be detailed in the implementation notice. Applications must be submitted exclusively through the Lombardy Region’s \u00abBandi e Servizi\u00bb platform within the deadlines and procedures outlined in the implementation notice. The evaluation process will have a maximum duration of 180 days from the application submission date, and eligibility is also contingent upon the company being listed within that period (unless an extension is granted for justified reasons).<\/p>\n\n\n\n
Applications will also undergo a technical evaluation based on the following criteria (with a maximum total score of 100 points, excluding \u00abbonus points\u00bb): the quality of the operation in terms of its ability to generate growth and\/or strengthen the company (0 to 50 points); the economic-financial quality of the applicant, including the sustainability and cost-effectiveness of the project (0 to 50 points). Applications that score below 60 points, including bonus points, will not be accepted.<\/p>\n\n\n\n
Unioncamere will oversee the verification of reports and disbursement of the contribution, which will be distributed annually, following the verification of the eligible expenses submitted by companies by June 30 each year and possible reassessment of the contribution by Unioncamere.<\/p>\n\n\n\n
The Regional Government Resolution specifies that to allow for the combination with the tax credit of \u20ac500,000 provided for in Article 1 of Law No. 205 of December 27, 2017 (2018 Budget Law), paragraphs 89 to 92 and related implementing provisions (i.e., the well-known national tax incentive for listings on both regulated markets and MTFs, currently recognized for 50% of consulting costs incurred up to December 31, 2024), the regional contribution for listing-related consulting costs is granted up to \u20ac300,000 (and still up to 50% of the costs incurred).<\/p>\n","protected":false},"excerpt":{"rendered":"