Support line has already paid € 12.6 M to companies in the Algarve

Support line has already paid € 12.6 M to companies in the Algarve

Catering companies received the largest share of the financing (7.3 million euros). More than 4,600 jobs secured.

The tourism support line launched a year ago, following the first confinement, has already allocated 12.6 million euros to micro and small companies in the Algarve, helping to maintain more than 4,600 jobs, according to Turismo de Portugal.

The Treasury Support Line for Micro and Small Tourism Companies, launched by the government following the declaration of a pandemic, counts, so far, across the country, 13,233 applications and an approved financing of 108.7 million euros.

In the Algarve, 1,610 applications were submitted in the last year by micro and small companies and 1,402 applications were approved, with an estimated funding of 13.7 million euros.

More than 1,300 supported companies in the region

According to data available on the Turismo de Portugal website in relation to paid processes, 12.6 million euros, representing 12.6% of the national total, have already been delivered to 1,302 companies in the Algarve – which helped to maintain 4,671 jobs work in the region.

In terms of size, the largest slice of this “cake” corresponds to micro companies (1,170 supported with 9.5 million euros, representing the maintenance of 3,310 jobs), while 132 small companies have already pocketed 3.1 M € (1,564 jobs work).

In the breakdown by type, the Algarve's catering companies received the largest share (7.3 million euros), followed by accommodation companies (2.9 M €), travel agencies (1.3 M €), tourist entertainment (612 thousand euros), rent-a-car (198 thousand euros) and event organization (81 thousand euros) and other sectors.

Faro companies received the largest amount

By municipality, Faro companies received the largest amount (2.2 million euros), followed by Loulé (2.1 million euros), Albufeira (1.9 million euros), Portimão (1.4 million euros) and Lagos (1.1 M €).

Managed by Turismo de Portugal, the line was created as a support mechanism for the treasury of tourist micro-enterprises that showed a reduced capacity to react to the strong retraction in demand.

The financing has been extended to small tourism companies since January this year.

Companies can access financial support, corresponding to 750 euros per job / month, for a period of three months, up to a maximum of 20 thousand euros in the case of micro-enterprises and 30 thousand euros for small companies.

In both situations, 20% of those amounts can be converted on a non-refundable basis.

The support does not earn interest and is repaid within three years, but only from June 2022. A grace period of one year initially imposed has already been applied, since the second confinement is still in effect and economic crisis continues.


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