Funds to help small firms become more competitive

The central government is to give the Balearics 144'663 euros under its master plan for the modernisation of commerce. This was approved yesterday by the Council of Ministers (Cabinet) in Madrid. The plan is designed to help small and medium sized businesses become more competitive. The central government funds must be matched by further funding from the regional governments. The total amount assigned to the plan is more than 6.7 million euros. Factors taken into account in assigning the funds include population and the number of shops, the number of workers in the sector who have been unemployed for more than three years and the size of the work force. The agreement does not include the Basque Country and Navarre, which have special tax regimes.