October and CNH Industrial partner up to support SMEs access to digital financing.

Through the Grow Together initiative, October and CNH Industrial are partnering up to support business growth through crowd-lending.

Last year, we launched the Grow Together initiative to raise awareness towards SMEs crowd-lending. In November 2018, 11 major French companies borrowed €100,000 each from October to to demonstrate the proper way for SMEs encourage SMEs to diversify their financing methods.

Today, we are proud to present the first Italian project of the Grow Together initiative: CNH Industrial (NYSE: CNHI /MI: CNHI), a global leader in the field of capital goods through its captive financing division.

CNH Industrial will borrow €100,000 for 24 months at 2.5%. By doing so, the Group will allow its network of SMEs to obtain financing on the October platform on favourable terms (€0 commission) during the launch phase, with the aim of creating a stronger ecosystem where large groups support smaller businesses in accessing credit. As in the previous edition of Grow Together, the project will be open only to individual lenders who are able to finance 100% of the project’s amount.

The Grow Together initiative is part of the collaboration agreement between October and CNH Industrial. It aims to facilitate access to digital financing for SMEs through well-established sales network and the organization. CNH Industrial will help to promote financing applications for small and medium-sized businesses that will be supported by an international community of 17,000 private lenders and institutional investors.

Oddone Incisa, President Financial Services of CNH Industrial Financial Services, comments: “CNH Industrial Financial Services supports the dealers and customers of IVECO, New Holland Agriculture, Case IH, Steyr and Case Construction Equipment through innovative and customized financial services. We are very pleased to be partnering with October because it will allow us to offer our customers a digital crowdfunding solution for the financing of projects. CNH Industrial’s brands are the partner of choice for many small and medium-sized construction and transport companies in Europe. Our partnership with October will offer them new access to financing. We want to be pioneers in the alternative financing sector as they can be an effective tool for our customers to grow.

Sergio Zocchi, CEO October Italy, adds: “Encouraging the use of alternative finance among SMEs is at the heart of our business model; with its wide range of distributors and customers and an international presence, CNH Industrial is the ideal partner for us to achieve this goal. In addition, like October, CNH Industrial is strongly focused on innovation.”