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DIESEL founder RENZO ROSSO microcredit project benefits ITALIAN earthquake region

BRAVE CIRCLE: Renzo Rosso, Diesel founder and president of the holding company OTB (Only The Brave),  announced on July 25th, 2012 a start of microcredit project of 5 million euros from his personal assets to support families affected by the earthquake in the Italian region of Emilia-Romagna.  Small loans to those who would otherwise be excluded from the traditional banking system.  Rosso chose Etimos Foundation Onlus to manage this project, who has proven experience in post-emergency contexts. The Only The Brave Foundation, supporting social entrepreneurship projects in Italy and around the world, with a special focus on Africa, will be involved as a committee member that supervises the fund, called “Brave Circle”.

DIESEL renzo rosso + karine roitfeld backstage spring 12 FashionDailyMag

Renzo Rosso stated: “I was deeply touched by these people’s determination to go back to work after the earthquake. As an entrepreneur, I chose to help in the way I know better: stimulating co-responsibility, in a sustainable manner. The modernity of this operation lies in the fact that it is a concrete help to businesses and families, through a financial tool that enhances people’s will and skills.”

In Emilia-Romagna, the approach [similar to Abruzzo], the first funds allows microcredit provisions to families, small businesses, cooperatives and social enterprises, without requesting any additional guarantee. The allocation is done through regional banks, with an agreement ratified by ABI (the Italian Banks Association) defining terms and conditions. In this way, the banks themselves will be committed to leverage on the initial 5 million, and raise the available sum up to 25 million euro. A group of volunteers, who will listen to and evaluate all the requests, support the people who will receive the loan, and provide technical expertise. They will be local socio-economic agents which will reduce management costs and give more resources to the beneficiaries of the project.

photo: Renzo Rosso and Carine Roitfeld at DIESEL ss12 backstage