To help local small and medium-sized wine companies survive the crisis caused by the New Crown epidemic, the Consorzio del Vino Chianti Classico has signed a credit pact with Monte dei Paschi di Siena (Italian bank).
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The new credit covenant allows small and medium-sized wine companies to use wine as collateral for loans, provided that the wine used as collateral comes from the lender and is of the latest vintage.
The Bank of Siena will grant a loan amount equal to 80% of the total price of the wine secured by the loan, based on the average price of the wine provided by the Chamber of Commerce of Siena. According to the Chamber of Commerce of Siena and the Chamber of Commerce of Florence, the price range for the Classic Chianti 2019 vintage is between 2.4 euros per liter and 3.1 euros per liter.
