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Angra do Heroísmo ,  June 05, 2020

Applications open for Azorean companies to access new 150 million Euro support line for job maintenance

The applications for the Specific COVID-19 Line - Support for Azorean Companies to ensure the access of regional companies to the national lines of credit are already open and may be submitted until December 31 to any banking institution. 

Created by the Regional Government under the scope of the COVID-19 measures, this new measure further increases the support granted to Azorean companies in accessing national lines of credit with an allocation of more than 150 million Euros. Hence, it will ensure liquidity to companies that have so far been unable to access this financial support tool due to the exhaustion of the national allocation, also allowing the reopening of new applications for regional companies. 

With this additional support from the Regional Government, Azorean companies become the only companies in the country maintaining immediate access to the COVID-19 national lines of credit, enhancing those that have already been implemented.
The Specific COVID-19 Line - Support for Azorean Companies, which ensures the increase of funding to Azorean companies, provides very advantageous financing conditions during a loan period of up to six years, with a grace period of up to 18 months and a very low interest rate. 

This solution is very important to continue supporting the economy and encouraging the maintenance of jobs. It stems from the agreement established between the National Government, the Portuguese Mutual Guarantee System - SGPM and the Regional Government, contributing to the State's effort to guarantee up to 90% of the loans granted through this line. 

The Regional Government's guarantee considerably reduces the risk of bank financing and facilitates the granting of credit and on better terms. Accordingly, the possibilities of credit approval to guarantee liquidity to regional companies will substantially extended, complementing and reinforcing, once again, national support in the Region. 

Additionally, this line of credit to boost the liquidity and working capital of Azorean companies will also be covered by the Employment Maintenance Programme, representing another advantage for regional companies compared to other companies in the country, with a view to the maintenance of their jobs by the end of the year. 

Through the Employment Maintenance Programme, the Regional Government grants non-repayable funding to Azorean companies at a time when they are repaying the funds granted by the national lines of credit, thus protecting them from an increase in medium-term indebtedness as a result of using these lines. 

With this additional support amounting to 150 million Euros, the Regional Government ensures that, under the national lines of credit, 255 million Euros will be made available to Azorean companies, which represents an injection of liquidity into the Azorean economy corresponding to 6% of its GDP, i.e., its wealth generation in one year.

Hence, Azorean companies will benefit from support under the national lines of credit that is twice the amount they would have available, considering the regional GDP over the national figures. 
The immediate injection of liquidity into companies has been a constant priority for the Regional Government, which, through a significant effort, has provided the most effective solutions to mitigate the effects of the COVID-19 pandemic in the region. 

For the Regional Government, this is therefore another decisive contribution to gradually overcome the current situation and a clear sign of strengthening social and economic stability and confidence in the future of the Azores.


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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