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Driving positive change

Wednesday 18 Nov 2020

UniCredit continues to support its communities and the economies in which it operates through its social impact bank initiatives

In the past week UniCredit has signed support initiatives for three Italian social businesses, showcasing the important role of banks in driving positive social change.

Quid Social Cooperative – Verona

UniCredit signed an agreement with Quid Social Cooperative in Verona for the purchase of 90,000 certified and reusable face masks, which will be distributed to the Group’s employees.

Quid was founded to support women in difficulty – both to get re-employment and encourage active participation in fields related to fashion and creativity.

The social enterprise from Verona is an ethical Made in Italy fashion brand, offering professional opportunities. Quid has 150 employees from 16 different nationalities, including 70 per cent of people with an unstable professional past. 85 per cent are women.

La Provvidenza Cooperative – Mantova

UniCredit has provided a €400,000 impact loan through the “Mediocredito Centrale” guarantee (part of the Italian government’s Liquidity Decree) to La Provvidenza Cooperative, which runs the Villa Aurelia di San Michele retirement home in Bosco, Mantova.

The funding will be used for the residence’s ‘Sensory Garden’ project, a new multifunctional structure which aims expand and strengthen services for Alzheimer’s patients. In addition, a new outdoor space will be constructed to help further recreate everyday life conditions and foster a family environment for residents with dementia.

As part of the “pay for success” model of Social Impact Banking, La Provvidenza will also be able to benefit from a €10,000 bonus if it achieves its set social objectives linked to the “Sensory Garden” project.

San Gregorio Magno – Milan

Thanks to a €250,000 impact loan from UniCredit, the social enterprise San Gregorio Magno Srl has been able to renovate a building managed by the parish of Via San Gregorio in Milan, converting it into a care centre for patients undergoing treatment in Milanese hospitals and for their families.

The aim is to offer both care services and accommodation with annual capacity of up to 1,080 individuals. The centre includes around 30 en-suite rooms and 2-3 mini-apartments with a maximum capacity of 45 beds.

The positive social impact of the project is underlined by the more favourable prices offered in comparison to the market average in the city. The aim is to provide a sustainable accommodation option to patients and their families and also increase access to off-site services for patients that need it.