The second competition Partnerships for Impact that Portugal Social Innovation opened in the Algarve region has a total of 13 applications for a financing of 2.5 million euros.
The competition, which ended on 6 June, aims to finance innovative projects that respond to social challenges in the areas of education, employment, social inclusion, justice or health through European Union funding of the Algarve 2020 CRESC program.
This is the second competition that Portugal Inovação Social opens in this territory, having approved, under the first, eight projects with a total of 1.4 million euros of public funding.
This time, the 13 projects request a total of 2.3 million euros of public funding.
The projects submitted cover practically the whole Algarve, with ten applications to be implemented in a single municipality and three at the multi-county level.
The majority of applications (nine) are sponsored by entities based in the Algarve (Albufeira – 1, Olhão – 1, Faro – 3, Alcoutim – 1, Castro Marim – 1, Tavira – 1, S. Brás de Alportel – 1). the remaining (four) based in the regions of Lisbon and Porto.
The Impact Partnerships financing instrument has the dual objective of, on the one hand, stimulating the development of innovation and social entrepreneurship initiatives and, on the other hand, stimulating the practice of social investment in Portugal.
Thus, this instrument guarantees the financing of up to 70% of the total cost of the project, and one or more social investors – public or private – must bear the remaining 30%. In this case, municipalities and parish councils represent the largest share of social investors in the applications submitted.
Portugal Social Innovation is a national public initiative, pioneering in Europe, which aims to promote innovation and social entrepreneurship and to boost the social investment market in Portugal by mobilizing around 150 million euros in European Union funds .