The Regional Government, through the Vice-Presidency, taking into account the effects of the COVID-19 pandemic situation and considering that the current economic situation has also affected entrepreneurs who resorted to bank microcredit, has agreed with the adhering banking institutions to apply a six-month moratorium on capital amortisation, guaranteeing the full payment of interest. 

With this measure, the Regional Government ensures that companies benefiting from bank microcredit will not have any burden on bank loans or the respective interest payments over the next six months. 

The Support Scheme for Bank Microcredit in the Azores aims to harness the potential and entrepreneurial skills of people with difficulties in terms of economic and social integration.
 
The measure finances the creation of micro-enterprises with small viable projects and that do not have access to bank credit through normal channels.
 
Through this scheme, promoters can access bank financing up to a limit of 20 thousand Euros, repayable over seven years with a one-year grace period, and the Regional Government will guarantee the full payment of interest to increase liquidity for the maintenance of their business activities. 

This measure is managed by the Regional Directorate for Support to the Investment and Competitiveness in conjunction with the Regional Directorate for Employment and the Institute for Social Security of the Azores. It has already contributed to the direct creation of more than 100 jobs in the Azores. 

With this addendum to the cooperation protocol now signed with banks, the Regional Government will also be able to support these entrepreneurs who own many micro-enterprises by increasing their liquidity support in the immediate term, which will enable them to channel funds to more relevant expenses in the current pandemic context.