The Regional Secretary for the Economy, José Manuel Rodrigues, has announced the creation of a new incentive scheme aimed specifically at micro-enterprises, offering support for investments of between €25,000 and €300,000, with grants covering up to 60% of eligible costs.
The new financial instrument, which is currently being drafted, was presented today to the President of the Portuguese Confederation of Micro, Small and Medium Enterprises (CPPME), Jorge Pisco, during a meeting with the regional secretary.
The scheme is intended to address the difficulties many micro-enterprises face in accessing existing European funding programmes and other support mechanisms, which are generally geared towards larger businesses.
According to a statement, the programme will support investment across a wide range of economic sectors. Eligible projects will receive grants of up to 50% of investment costs, rising to 60% for businesses located on Madeira’s north coast and on the island of Porto Santo.
José Manuel Rodrigues said the scheme is expected to become operational in September.
The Regional Secretary also announced additional support for businesses in Porto Santo, including assistance with the transport of raw materials to the island. The measure is intended to help offset higher freight costs faced by local manufacturers, including bakeries and other food-processing businesses.
The Regional Government estimates that Madeira has around 36,000 micro-enterprises, employing more than 100,000 people. These businesses account for approximately 96% of the Region’s business community.
Following the meeting, CPPME President Jorge Pisco praised the Region’s economic momentum, highlighting Expo Porto Santo as an important showcase for local businesses and describing the event as valuable from an economic, cultural and social perspective.
Pisco welcomed the announcement of dedicated support for micro-enterprises but also highlighted the vulnerability of small businesses during crisis periods, such as the Covid-19 pandemic or natural disasters. He noted that many SMEs depend on daily cash flow to remain operational and are therefore particularly exposed to economic shocks.
Nationally, SMEs represent 99.9% of Portugal’s business sector and employ the vast majority of the country’s private workforce.
During the meeting, Jorge Pisco also proposed organising a conference examining the role of micro, small and medium-sized enterprises in the development of Madeira’s autonomy. The initiative, which has been welcomed by both the Regional Government and the Regional Secretary for the Economy, is expected to form part of the celebrations marking the 50th anniversary of Madeira’s Autonomous Region.
The conference will be organised in conjunction with the commissioner for the anniversary celebrations, João Cunha e Silva, and aims to raise awareness among entrepreneurs and the wider public of the vital contribution SMEs make to Madeira’s economy.
Samantha Gannon
info at madeira-weekly.com
Views: 38
