The Regional Government has decided to increase the ceiling of the line of credit to support Azorean companies "Açores Investe II" (Azores Invest II) from 50 million to 55 million Euros; the application period runs until December 31.

The Vice-President of the Government, Sérgio Ávila, welcomed the "large adherence of companies," which demonstrates "the success and expedience of this measure." The government official stressed that this reinforcement aims "to provide a response to the numerous applications submitted by regional companies for the support measures" implemented by the Government to "streamline the access of companies to bank credit."

In addition, Sérgio Ávila reminded that the Government had already decided to extend the application period until the end of this year in order to "facilitate the access of companies to bank funding and reduce the respective costs."

"A total of 980 companies have applied for the Line of Credit 'Açores Invest II,' representing a global investment over 49.6 million Euros, revealed the Vice-President. The government official considered that "these support measures are very important to the sustainability of Azorean companies, the maintenance of jobs and, ultimately, the development of the regional economy."

Since the previous legislative period, when the mechanisms to support the financial restructuring and liquidity of companies were created, "new funding has been granted in the amount of 108.8 million Euros and a total of 308.7 million Euros in bank refinancing; both measures cover a total of 3,201 companies," said Sérgio Ávila.

The Line of Credit "Açores Investe II" assures financial support up to 25,000 for micro companies, 50,000 Euros for small companies and 300,000 Euros for medium and large companies. The repayment deadlines may go up to eight years with a grace period up to 24 months.

This governmental support brings the advantage of reducing the financial burden of companies since the lines of credit are subsidised, which represents a reduction of costs.