Albufeira creates 1 million fund to support companies

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The municipality of Albufeira created the Business and Associative Support Fund to support the treasury of companies with tax domicile or head office in the municipality, whose establishments were forced to close, under the law, or were not closed, suffered abrupt declines in their productivity. Underlying this measure of the municipality is "the intention to mitigate the losses of companies, supporting them in the resumption of activity and in the maintenance of jobs related to them, as a means of safeguarding the county's economic and social sector".

THE Business and Associative Support Fund has an endowment of one million euros and is aimed at individual entrepreneurs or companies with fiscal residence or head office in the municipality of Albufeira, who have not benefited from other non-refundable state financial support, within the scope of the Covid-19 pandemic. Eligible activities are catering and the like, trade in retail goods, service provision and industry and agriculture.

In order to apply, entrepreneurs must not have had a turnover in 2019 exceeding € 150,000, and must demonstrate that they have had the activity open for at least 8 consecutive months in 2019. Beneficiaries of support are obliged to keep the respective activity open and the maintenance of the existing jobs at the date of submission of the application until December 31, 2020, except for those who carry out seasonal activities, which should keep the activity in 2020 during the same months that they were open in 2019, at least, until October 31, 2020.

Applications must be submitted by 15 July to the email address [email protected], by completing the form and submitting the required documentation on the respective form. All requests for clarification or obtaining additional information may be formalized by email to the email address [email protected]

According to the mayor «in this context, we understand that the municipality should complement this effort, ensuring support for employment and the local economy through the opening of this
fund, which aims to support the treasury of companies, whose establishments were forced to close or had significant declines in their productivity. We will try to mitigate these losses by supporting companies in our municipality with this Bottom million euros ”, he says.

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