Canary Islands Government Approves New Subsidies to Boost Internationalization of Local SMEs
Canary Islands SME Export Support Measures
Overview
The Canary Islands government has announced updated regulations to support small and medium-sized enterprises (SMEs) in expanding abroad. Recognizing the unique economic and geographical challenges faced by the archipelago, these measures aim to enhance the export capacity of Canarian businesses through targeted financial aid and advisory services.
Key Programs
- 'Canarias Aporta' program: Offers grants to help SMEs promote their products internationally or within Spain.
- 'Aporta Digital' initiative: Focused on digitalization and e-commerce.
Launched initially with modest funds in 2013, the programās budget has grown significantly, reaching over 4 million euros in 2022, showcasing strong political backing.
Regulatory Changes
The new regulations include:
- Streamlining application processes.
- Emphasizing cost-effective support through simplified accounting procedures.
- Tightening eligibility criteria to ensure aid reaches genuinely viable projects.
Evaluation Criteria
Key factors evaluated to qualify for support include:
- Companiesā experience in international trade.
- Employment growth.
- Digital presence.
- Investments in innovation.
Broader Goals
This initiative aligns with regional development objectives by:
- Emphasizing sustainability, diversification, and resilience post-pandemic.
- Increasing the international competitiveness of Canarian SMEs.
- Attracting investment.
- Creating jobs.
It aims to ensure that local businesses can thrive in global markets despite geographic hurdles.