The Algarve 2030 regional program has opened applications to support up to 60% of investment projects for the creation, expansion or modernization of micro and small businesses, the region’s Regional Coordination and Development Commission (CCDR) said … and applications are open.
A press release from the Algarve CCDR explains that the program will receive five million euros in European funds from the European Regional Development Fund (ERDF). The maximum funding rate is 60% of the costs of each project that is eligible for support.
The application period began on December 29 and the analysis and decision will be made in three phases, each scheduled to close at the end of February, July and December this year.
According to the call for applications, “these projects must contribute to employment, the modernization and resilience of local economies and the diversification of the Algarve’s productive base”. Activities included in the tourism sector, which is the most important sector in the region, “cannot be included” in this notice.
The Algarve 2030 program supports operations that promote the diversification of the regional productive base, related to the creation, expansion or modernization of companies.
In other words, operations are considered to contribute to the diversification of the productive base when they help to develop activities in the industry sector, or to boost areas of regional strategy, such as the sea economy, endogenous land resources, digitalization and ICT (information and communication technologies) and environmental sustainability.
The notice includes investments such as the purchase of machinery and equipment, remodeling works and other constructions, “as long as they are duly justified by the objective of the operation, consultancy, among others”.
The Algarve CCDR cites data from the National Statistics Institute to explain that micro-enterprises “dominate the business universe” in the region, accounting for around 96.7% of all Algarve companies.