When a business owner tells us «I'd like to sell abroad, but I don't have the resources to do it properly», the first thing we do is open the chapter on subsidised finance. Italy has a tool built precisely for this: Fund 394/81, managed by SIMEST (Cassa Depositi e Prestiti Group) under an agreement with the Ministry of Foreign Affairs and International Cooperation. In this article we explain how it works, who it suits and how we use it together with the companies we support.
A fast-growing instrument
2026 is confirming how much companies need this kind of support. According to figures released by SIMEST in July, in the first half of the year subsidised finance from Fund 394/81 reached around 1 billion euros, more than double the same period of 2025. In the same half-year SIMEST served around 1,900 companies, and roughly nine out of ten were small and medium-sized enterprises.
The message for us is clear: Fund 394 is not reserved for large groups. It is designed for SMEs that want to take the leap into foreign markets, and that is exactly where our work makes the difference.
What can be financed
Funding lines change over time, with new measures, dedicated windows and periodic updates. That is why, before every project, we always check which lines are open at that moment. Historically, however, Fund 394 covers some recurring needs of a company going international:
- Entering foreign markets: opening offices, showrooms, shops or sales structures outside Italy.
- International trade fairs and events: taking part in fairs and trade missions, including international fairs held in Italy.
- E-commerce: developing your own platforms or accessing marketplaces to sell across borders.
- Temporary Export Manager: bringing in an experienced professional to lead the export project.
- Digital and green transition of internationally oriented companies.
- Capital strengthening, to reinforce the financial solidity of exporting companies.
Specific measures are added to these lines. In 2026, for example, a measure dedicated to investments in the United States and one dedicated to the adoption of artificial intelligence in internationally oriented SMEs were launched: we cover them in separate articles.
The terms: subsidised rate and grant portion
The core of the instrument is the subsidised-rate loan, calculated as a reduced percentage of the EU reference rate. At the beginning of 2026 the applied rate was 0.319%, a level no ordinary bank channel can offer. On top of this, companies that meet the requirements can obtain a non-repayable grant portion, whose percentage and ceilings depend on the line and the period.
Everything takes place within the State aid rules, in particular the de minimis regime. That is why one of the first checks we carry out concerns the aid the company has already received in recent years: exceeding the ceilings means the grant is reduced or refused.
Who is eligible
In general, companies with their registered office in Italy, set up as limited companies, with at least one filed balance sheet and adequate creditworthiness can apply. SIMEST assesses the company's soundness with its own criteria and, depending on the amount, may ask for guarantees. Each line also has specific requirements: a minimum foreign turnover, an export share, or being part of a supply chain oriented towards foreign markets.
Our job at this stage is an honest preliminary eligibility check. If a company does not meet the requirements, we tell it straight away and work on alternative tools, instead of submitting applications bound to be rejected.
How we work with companies
Obtaining a subsidised loan is not just filling in an application on a portal. The value lies in building a credible project and then managing it properly to the end. Our typical path has five steps.
1. Analysis of the company and its goals
We start from the market: where the company wants to go, with which products, with what budget. Financing without a strategy is just debt.
2. Choosing the line and checking requirements
We identify the most suitable line, check balance sheets, aid received and specific requirements, and estimate the realistic amount that can be obtained.
3. Building the project and the application
We prepare the spending plan, the documentation and the application on the SIMEST portal, ensuring consistency between objectives, costs and timing.
4. Carrying out the project
Once the loan is granted, we support the company in implementation: choosing trade fairs, developing e-commerce, finding partners and distributors in the target markets.
5. Reporting
This is the phase many companies underestimate. Ineligible or poorly documented expenses can cost you the grant portion. That is why we follow reporting item by item.
The mistakes we see most often
- Asking for more than needed: an amount out of proportion to the balance sheet increases the risk of refusal or of a request for guarantees.
- Spending too early: some expenses incurred before the application are not eligible.
- Forgetting de minimis: aid received from other bodies can reduce the grant.
- Neglecting the project: financing is a means. Without a concrete sales plan, the money runs out and foreign customers never arrive.
Let's talk
If your company is considering an investment abroad, Fund 394 can make sustainable a project that would otherwise stay in the drawer. At Di Stasi Group we analyse your situation, check the open lines and tell you clearly whether and how it makes sense to proceed. Get in touch: let's build your path to foreign markets together.