€11 million available for Algarve business innovation projects

Businesses in the Algarve can now apply for a new €11 million funding programme designed to support productive investment, innovation and job creation across the region.

The call for applications, launched under the Algarve 2030 programme, is aimed at helping companies modernise operations, introduce new products and services and strengthen their competitiveness in national and international markets.

Of the total funding available, €4.4 million has been earmarked for projects in the Algarve’s low-density territories, reflecting efforts to encourage investment in inland areas and support regional cohesion.

Micro, small and medium-sized enterprises (SMEs) are eligible to apply, provided they are planning innovative investment projects. These may include the creation of new business establishments, expansion of existing production capacity, diversification of products and services or the modernisation of production processes.

Eligible expenses include machinery and equipment, software and digital technologies, technology transfer, engineering and architectural services, technical studies, marketing plans and other costs directly linked to the implementation of projects.

The programme’s goal is to promote innovation, productivity and the creation of qualified jobs while helping to diversify the Algarve’s economy beyond its traditional sectors, the regional development commission (CCDR Algarve) says in a statement.

Projects in the tourism and industrial sectors stand to benefit from particularly favourable conditions. In the Algarve, construction and refurbishment costs can account for up to 70% of eligible investment, rising to 90% for industrial projects that fall within the region’s Smart Specialisation Strategy (RIS3 Algarve).

To qualify, projects must involve a minimum eligible investment of €300,000.

Applications are open until September 30 and must be submitted through the national funding portal, Balcão dos Fundos.

According to CCDR Algarve, the funding programme offers an important opportunity for Algarve businesses to invest in innovation, modernisation and long-term growth while contributing to a more resilient and sustainable regional economy.

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