News desk
THE Balearic government is to set aside a total of 13 million euros for aid programmes to help support the Islands' industry, craft, commerce and public service sectors.

According to Josep Joan Cardona, regional minister for Commerce, Industry and Energy, Balearic authorities have planned to continue increasing the subsidies budget. The decision comes in the wake of a record quantity of 1'981 requests for government assistance to fund improvements.

Following the signing of a collaboration agreement with seven Balearic banking organisations (BBVA, La Caixa, Sa Nostra, CAM, Caixa Rural, Banca March and Colonya Caixa Pollensa), Cardona explained that the purpose of the accord was to speed up the process of paying out the government subsidies (which will be exempt from commission), and aims to demonstrate the Balearic authorities' interest in furthering the interests of small and medium-sized businesses (“Pymes”). Tax and Innovation minister, Lluis Ramis de Ayreflor, signalled that the project is “official support for competitive business” and the aim is for companies to receive the subsidies as soon as possible to fund development and improvement.

Of this year's applications, confirmed de Ayreflor, 63 percent had been to fund modernisation and upgrading, and 19.5 percent were made with a view to opening new businesses.

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