€1 billion support line for micro and small businesses available from today

in News · 05-08-2020 18:55:00 · 0 Comments
€1 billion support line for micro and small businesses available from today

The new line of support for micro and small businesses due to the covid-19 pandemic, with an allocation of €1 billion is available as of today, according to a statement.

In a press release, the SPGM - Sociedade de Investimento, manager of the Covid-19 Economy Support Line - Micro and Small Enterprises, indicated that this line “has an allocation of €1 billion, of which €700 million are intended for microenterprises and €300 million to small businesses ”to support societies affected by the pandemic.

“Companies can obtain financing of up to €50,000, in the case of micro companies, or up to €250,000 in the case of small companies, for a maximum period of operation of up to six years including 18 months of grace period, and a guarantee of up to 90% of the outstanding capital, ”said SPGM.

According to the statement, “in order to qualify, companies will have to show an abrupt and sharp drop in at least 40% of their turnover, and they will not have been able to benefit from previous mutual guarantee lines of credit created to support the normalization of business activity in the face of the pandemic outbreak of covid-19 ”.

SPGM also warns that “neither can they have been considered as companies in difficulty, on December 31, 2019, nor have their headquarters in countries or regions with a more favourable tax regime ('offshore')”.


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