Canary Islands' €2 Million Subsidy Initiative

Overview

The Canary Islands’ Department of Economy, Industry, Commerce, and Autónomos has launched a new €2 million subsidy initiative aimed at improving the competitiveness and sustainability of local businesses.

Objectives

• Support companies in consolidating their operations
• Foster growth across the islands

Application Details

• Businesses interested in the subsidies, which cover expenses incurred in 2024, must apply by September 15, 2025
• Applications are to be submitted through the official electronic platform

Eligibility Criteria

• Eligible companies need to have at least one employee
• Must have incurred minimum expenses of €5,000
• Funding caps vary depending on the island

Funding and Management

• The funding is allocated from the regional budget
• It may increase if additional credits become available
• The initiative is managed by the public technological institute "Instituto Tecnológico de Canarias"

Goals

• Streamline support for enterprises ready to expand or innovate within the region

Context

This move underscores the Canary Islands’ commitment to strengthening its local economy, especially in a time of economic recovery and growth.