Sparco, an Italian-based company specialising in the production and distribution of auto components and technical apparel for auto racing, has received a €3mn loan from UniCredit bank. Italy’s ECA, Sace, is guaranteeing 50% of the loan, which will be used to support Sparco’s international market growth.

The line of credit will finance Sparco’s investments in research and development and the costs of expanding plant to increase production capacity, acquire technical equipment and grow human resources to keep pace with international competition in the sector.

Sace has sponsored another 25 transactions in the automotive and auto components in the past year. The ECA considers the sector “one of the most dynamic in the Italian industry”, worth €27.6mn in exports in 2014 and currently representing about 7% of total Italian exports.

Sparco’s revenue in 2014 was €53mn, with 80% of its sales done in 80 countries worldwide.