The Vice-President of the Government announced today that the Government will create a series of new funding tools to companies "already in the first half of next year," allocating 20 million Euros in public funds. The financial resources will be later "increased by participating financial institutions."
 
"We will implement new financial tools to facilitate access of Azorean companies to lines of credit with mutual guarantee as well as to innovative mechanisms to finance the share capital of companies," said Sérgio Ávila at the Regional Legislative Assembly.
 
In the speech he delivered at the presentation of the Programme for the Government, Sérgio Ávila highlighted a "venture capital fund, reversible financing operations in capital equity and funding of entities to support 'Business Angels.'"
 
These measures "will be made available to companies through financial institutions selected by tender. They are expected to create a leverage effect in the mobilisation of private resources, generate a renewable flow of funds" and strengthen "their investment capacity."
 
Sérgio Ávila also revealed that, in order to support the emergence of new innovative business projects, the European Commission has already approved the Government's proposal for the implementation of the Azores Business Incubator Network.
 
The government official said this network "will provide all regional municipalities with the opportunity to create support structures for entrepreneurs and new StartUps at an early and critical stage in the implementation of their business projects." Moreover, it will contribute to the "development of technology-based and highly specialised incubators."
 
In this context, the Vice-President announced that the Government will create a new support system, designated as "Incubation Valley," which will "fund new StarUps in the access to qualified professional services and specialised advice to companies in early stages of development."
 
"We will also implement an Innovation Agenda for several actions, including knowledge transfer to the economic sector, business innovation and applied research," announced the government official.
 
In addition to these measures and a wide range of others listed in the Programme for the Government, Sérgio Ávila defended the "importance of moving forward with the simplification of administrative procedures in business activities." In this regard, the Government will launch a Business Support Programme in 2017.
 
All these measures "aim to strengthen the support to companies, which is primarily based on the Incentive Scheme designated as Competir+ and the existing tax reductions."