The Government of the Azores announced on Friday the intention to undertake an "in-depth reform" of the microcredit support scheme in the archipelago.

A proposal for Regional Legislative Decree, approved by the Council of the Government this week, moves ahead with amendments to better "respond to the difficulties experienced by regional families micro companies following the current national and international economic context."

According to the Regional Secretary of the Presidency, the support to be awarded under the new scheme increases to a maximum amount of 20,000 Euros per application, "being directly awarded by credit institutions or microcredit societies under the terms to be stipulated through protocols signed between the Regional Secretariat for the Economy and these entities."

In addition to the "long-term unemployed, "all citizens, aged 18 or over, searching for a first or new job and who are unable to access bank credit" as well as "precarious workers, aged 18 years or over," may benefit from these new measures.

This change, as André Bradford said, also comprises "self-employed workers whose average monthly income is less than the regional minimum wage and who are unable to access bank credit."

Limited companies, limited single shareholder companies and sole proprietors without access to bank credit are some of the potential beneficiaries of this microcredit support scheme.

With this in-depth reform of microcredit support scheme, the Government of the Azores "is taking another step in the adjustments that have been implemented in its programme designed to support regional companies and entrepreneurs," André Bradford said, adding that the Government intends that "these tools may become a valuable aid to strengthen the business sector and protect employment in the Azores."