Spanish Government Grants for SMEs in Canary Islands

Overview

The Spanish government has announced a new round of grants aimed at small and medium-sized enterprises (SMEs) based on the Canary Islands, specifically in Gran Canaria and Tenerife.

With a total fund of €400,000, the initiative seeks to help local businesses expand into international markets.

Eligibility Criteria

• Companies with annual revenues under €250,000
• At least one year of operation
• Can apply individually or in groups
• Even if lacking legal status, provided they form a stable agreement and appoint a representative

Use of Funds

Funds can cover:

• Professional advice
• Promotional activities abroad
• Other expansion costs

Funding Details

• Grants cover up to 75% of eligible expenses
• Maximum subsidy per project: €4,500 (for projects costing around €6,000)
• Minimum subsidy: €2,250

Application Process

• Deadline: one month from the bulletin’s publication
• Process managed exclusively online

Purpose and Broader Context

This initiative aims to foster international growth for local businesses, helping them access new markets and increase competitiveness.

"The grants are part of broader efforts to diversify the Canary Islands’ economy and strengthen its role in global trade," reinforcing the region's economic and social development.

Goals

• Support local businesses in expanding internationally
• Diversify the regional economy
• Strengthen Canary Islands’ role in global trade

Additional Notes

This initiative offers vital support amid ongoing economic and social challenges in the region.