Food store in Palma, Mallorca

Balearic government making more investment finance available to business. | Jaume Morey

Majorca Daily Bulletin reporterPalma04/03/2022 08:51
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In 2021, business recovery led to increased requests for financing investment. Responding to this demand, the Balearic government is making available a further line of credit of up to 70 million euros to support investment in new projects.

The government wishes to encourage investment in strategic plans for social and economic development through individualised loans of up to one million euros. Priority aspects are therefore innovation, digitalisation, social inclusion policies and ecological transformation.

As well as this aid, the government is postponing the repayment of previous loans. Over the past two years, the repayment of loans of up to 107 million to 1,200 companies has already been postponed. A further line of assistance will be available from EU funds.

The new line of credit follows the provision since 2020 of 260 million euros for some 3,000 businesses and self-employed affected by the pandemic.

The regional finance minister, Rosario Sánchez, says that over the two years of the pandemic, more financial aid has been granted than ever before.