Cheesed Off With Banks, Italian Dairy Co-op Turns to Parmesan Bonds

‘With banks still reluctant to lend money to businesses following the 2008 financial crisis, one Italian dairy cooperative has gone to extraordinary lengths to secure funding, raising more than US$6.7 million (€6 million) by issuing bonds guaranteed by huge wheels of parmesan cheese.

The 4 Madonne cooperative in northern Italy took advantage of a government-back mini bonds scheme to help boost funding to support the business’ expanding operations after banks refused to provide more finance. Andrea Setti, the cooperative’s financial controller told AFP:

“We already have some loans but, after a certain point, the banks don’t want to give you any more.”

The cooperative, which makes cheese from milk supplied by 40 different dairy farmers, managed to secure US$6.7 million (€6 million) worth of funds by guaranteeing loans against wheels of its own parmesan cheese.’

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