The Mini-Bond is a self-financing tool for companies not listed on the stock exchange. With Mini-bond companies can obtain funds from investors providing negotiable documents. This form of self-financing allows companies, in particular small and medium-sized enterprises (SMEs), to diversify the funding sources and reduces the dependence from the banking system (see also Credit Crunch). The regulation for Mini-Bond is directly applicable to SMEs as defined in the European Recommendation 2003/361/EC (companies with fewer than 250 employees and an annual turnover not exceeding EUR 50 million, or with a total budget not exceeding EUR 43 million). The application of Mini-Bond is ??possible thanks the new rules introduced by the "Decreto Sviluppo" (decr. Legge no. 83/2012) and by the "Decreto Destinazione Italia" (decr. Legge no. 145/2013). This regulatory framework has removed the constraints of fiscal legislation which limited the fund raising only to companies listed on the stock exchange.

Editor: Giovanni AVERSA

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