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Angra do Heroísmo ,  April 08, 2019

Azores have the best and most comprehensive business support system in the country, says Sérgio Ávila

The Vice-President of the Government stated in Angra do Heroísmo that the combination of several mechanisms to support the regional economic activity promotes entrepreneurship and the consolidation of companies, being the best and most comprehensive broadest support system in the country.
 
Sérgio Ávila spoke at the opening session of the new financing measure designated as "Business Angels," pointing out that the strategy to boost regional economic activity "is based on four fundamental pillars."
 
These pillars support investment in itself, job creation by companies, entrepreneurship and the beginning of business activity. Furthermore, they revitalise the financial support across the business fabric, "comprising all companies."
 
In the first case, Sérgio Ávila mentioned the incentive systems aimed at "the promotion of exports, the internalisation of companies, innovation and product development, and the support for youth entrepreneurship."
 
Regarding the support for job creation by companies, the government official stressed the existence of mechanisms designed to promote the early employment of young people,” namely through the "Estagiar" (traineeship) programmes and the incentives for the recruitment of trainees under contracts of indefinite duration." Additionally, he mentioned the programmes for the recruitment of unemployed people or beneficiaries of employment programmes as well as the "intense promotion of youth employment."
 
As for entrepreneurship and the beginning of business activity, the Vice-President emphasised the importance of the regional network of business incubators, the support for start-ups, the promotion of new companies, the regional entrepreneurship competition, the business incubation voucher and the digital voucher.
 
Sérgio Ávila also considered that booting financial tools to support companies is "fundamental."
 
"In this new programming period, we have developed, together with national financing entities, mechanisms that have the potential do optimise and multiply the financial resources allocated," stated the government official.
 
According to the Vice-President, the achievement of this goal involves "the maximisation of support through Community funds and the channelling of support through various financial institutions. In this context, he also mentioned the "support for bank financing, through the Capitalizar+ line, which has been in operation for over a year. This line of credit covers the working capital of companies or the investments that were not reimbursed by Community funds.
 
The other half of the resources available for this area were allocated to the so-called venture capital and reversible capital. It is precisely in this context that the new financing measure designated as "Business Angels" emerges.
 
This mechanism will "enable companies, namely start-ups, to benefit from additional support to be provided by someone with extensive management experience."
 
Developed in partnership with the Financial Institute for Development (IFD), through a line of financing, the project "complements the existing support in terms of capital raising and know-how by promoting shareholding and risk sharing among those who look for emerging business activities," said Sérgio Ávila.
 
The Vice-President of the Government spoke before entrepreneurs and entities linked to financial areas. On the occasion, he stressed that these efforts have allowed the Azores to become the region where the ratio between companies closing down and those beginning their activity is the best, i.e., "three companies are created for each company dissolved."


GaCS/FA
 
 
 
 
 
   
 

Official government press-releases presented in all foreign languages interfaces of the Azorean Government Portal (Portal do Governo dos Açores) are a sub-set of the government's official press-releases daily output and are chosen for translation and publication on the foreign language interfaces based on audience segmentation criteria. The entire collection of the Azorean government press-releases is available in portuguese, here, from the GACS Press Office site.

 
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