Abstract: “The SME sector in Italy was hit hard by the global recession of 2008-09, as the whole Italian economy which hasn’t yet recovered the 2008 level of GDP. Small enterprises, which constitute the vast majority of Italian companies, were more affected than medium and large-sized companies. For facing that situation Italian government issued some provisions to improve the general framework conditions for Italian SMEs (Small and Medium enterprises), making administration more responsive to the needs of businesses and improving policies for companies which want aggregate and internationalize theirs activities. Nevertheless, the country’s overall performance of SMEs continues to be below the EU average in terms of exporting internationally and the single market, and access to finance. To cope with this problem Italian legislator has introduced amendments to the law on bonds and financing bills with the aim of facilitating access to direct financing for unlisted companies, especially for SMEs. U”

Keywords: SME, Italy, Mini-bond, Liability Law, Business Network Contract, Rating