Palma.—Authorities want to promote and give more opportunities for innovative projects related to tourism and facilitate the integration of young people into the business market and have allocated new funds for successful projects.

Young entrepreneurs and companies can now submit applications for the second edition of the Emprendedur Finance Lines competition from the Tourism and Energy department, the Secretary of State for Tourism Isabel Borrego announced yesterday, alongside representatives from the Economy and Competitively departments during a convention in ParcBit, part of a project entitled “Technology and Tourism: Building the future.” Young business minded citizens up to 40 years of age have been allocated a 25 million euro budget, should their project be approved, while companies who present successful applications have been given a budget of up to 50 million euros. The latter will be divided in half, 25 million for entrepreneurs I+D and 25 million for Development of New Products.

The tourism department confirmed that winning bids can be assured the project will be executed and completed within two years. In financial terms, the funding will be spread over a five year period, with a grace period of two years, with a fixed interest rate of 3.74% and a 100% sponsorship (75% for companies) to cover the cost of projects up to a maximum of 1 million euros, without surpassing the net value of the company.

Expand and explore new horizons
Emprendetur is part of a government action plan included in the National Tourism Plan 2012-2015, to stimulate business in the trade hoping to make the best of the projects and ideas that can benefit the economy and explore new horizons for Spanish economy. All the information related to the applications process and the rules to participate are available in the web page:www.minetur.gob.es/PortalAyudas/ and in www.innpulsaturismo.es.

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