The Vice-President of the Government stated in Horta that, through the signing of an agreement between the Regional Government and the Financial Development Institution (DIF), Azorean companies will have access to funding over 100 million Euros, starting this year.
 
Sérgio Ávila stated that "the IFD will now launch a tender to select the financial institutions that will provide these lines of credit, ensuring that these new and innovative financing tools for Azorean companies will be in force by August."
 
The Vice-President spoke at the Legislative Assembly, stressing that financing agreement signed last week aimed to anticipate and encourage the resumption of business financing by the banking sector," adding that regional companies will be benefit from another four financial support tools.
 
"A Line of Credit for Investments with Mutual Guarantee, Line of Credit to Fund Venture Capital Funds, Line of Credit to Fund Reversed Capital Transactions and a Line of Credit to Fund Business Angels," specified the government official.
 
According to Sérgio Ávila, "these four lines of financing will ensure the availability up to 100 million Euros in funding from financial institutions and selected banks" under the regulatory framework approved by the European Commission.
 
"The combination of these measures to stimulate the funding of companies, with the conclusion of restructuring process of the national financial and banking system, allows a gradual and sustained recovery of bank financing to Azorean companies from the second half of this year. This is an essential factor towards the consolidation of economic recovery and employment growth that is already taking place in the Region," said the Vice President.