Spanish Government Approves a Second Modification to the Strategic Grant Plan for 2023-2025

Focus and Objectives

• Boosting credit access for small and medium-sized enterprises (SMEs) in the Canary Islands.
• Introducing a new targeted financial aid line for Avalcanarias, S.G.R., a local guarantee society.

  This measure aims to help businesses overcome liquidity shortages exacerbated by rising default rates and economic uncertainty.

Key Measures

• Subsidizing loan guarantees to facilitate easier credit access.
• Supporting SMEs to survive and grow despite challenging market conditions, including inflation and geopolitical tensions linked to the Russia-Ukraine conflict.
• Funding set at one million euros for 2025.
• Support for the guarantee society’s operational costs.

Broader Goals

• Strengthen local businesses.
• Foster technological advancement.
• Ensure economic resilience.

Benefits

• Directly benefits SMEs by improving their financing conditions.
• Helps maintain financial stability for Canarias’ vital economic sectors.
• Ensures small businesses can continue to contribute to regional growth and employment.

Significance

• This measure aligns with broader regional goals to enhance economic recovery and sustainability.
• Reinforces Canarias’ commitment to tailored financial policies in a volatile global landscape.