A €1 million municipal fund to support businesses affected by the Covid-19 pandemic has been launched by Portimão council. Sectors covered by the Fundo de Apoio Empresarial include restaurants and bars, retailers, service providers, industries, agriculture and fisheries activities.
Businesses eligible to apply for a share of the support fund must do so between January 13 and 31, 2021.
The €1 million made available by Portimão Council aims to provide some form of relief for businesses that have seen their revenues drop significantly as a result of Covid-19.
The Fundo de Apoio Empresarial, which is part of the council’s programme “Portimão Lends a Hand to the Local Economy” (Portimão Dá a Mão à Economia Local), is directed at businesses headquartered in the borough or which perform their main business activity in the area.
Funding support is available to companies which registered a turnover of up to €150,000, or €60,000 in the case of freelance workers, in 2019, and which suffered drops of over 40% in 2020 due to the pandemic. Each beneficiary will receive a maximum amount of €2,000.
The business must then remain open until June 30, 2021 as well as keep the same workforce as at the time of the application.