Putting Food on the Balance Sheet 2025

S1 S2 S3 ...Commercial/Catalytic capital CorporateThe Filiere model: Scaled and de-risked financing by leveraging a corporate’s value chain Financing Model 4: The Filiere model: Scaled and de-risked financing by leveraging a corporate’s value chainFIGURE 8 Platform development TrainingLeverage champion’s credit scoreDiscounted loan Provision of capital Provision of non-financial servicesDirect de-risking for capital providers Tranching First-loss coverage Guarantee Interest payment Insurance premium payment Impact bonus/incentiveIndirect de-risking through demand commitments Offtake agreements Ecosystem outcome monetization Price premiumTechnical assistance/training Grace periodEnablers ESG rating Value chain networkCommercial bankDigital supply chain finance platformCorporate “champion” Dedicated credit facility FarmersValue chain player 1 Value chain player 2 ... Source: Intesa Sanpaolo website.Models 1, 2, and 3 are relatively easy to implement but face scalability challenges; the Filiere model enables financiers to move from one-to-one corporate lending to a one-to-many approach, leveraging a corporate’s supply chain. The model extends financing across the entire supply chain, from primary producers to intermediaries and processors. A food corporation facilitates access to financing for all participants within its supply chain, enabling financiers to scale lending efficiently while gaining greater transparency into underlying risks. The key advantages lie in an enhanced credit risk model and a unified go-to-market strategy, in which the corporation and its suppliers operate as a single entity, allowing for impact throughout the entire supply chain. For several years, Intesa Sanpaolo’s Sviluppo Filiere Programme has supported the growth of Italian SMEs, such as strategic suppliers and subcontractors of large production companies.16 If SMEs belong to a “supply chain of excellence”, according to the bank’s criteria, they qualify for access to credit on more favourable terms. Through the Sviluppo Filiere Programme, Intesa Sanpaolo supports 172 agrifood supply chains including the supply chain of a large Italian milk and dairy group.17Model 4 Putting Food on the Balance Sheet 12