MIL OSI Translation. Mediterranean Region: Portugal – “Financing the business fabric will be the most critical theme of the Portuguese economy in the coming years,” said Deputy Minister of Economy Pedro Siza Vieira at the presentation of the Financing Portal, in Lisbon. Inserted in Capitalize program, the Financing Portal, an initiative of the Agency for Competitiveness and Innovation (IAPMEI), integrates all publicly supported financing solutions that are currently available to support businesses in one place.
“Despite the very wide panoply of mutually secured credit lines [in all, almost half a hundred of these lines are in force], these instruments are very unclear to those to whom they are addressed,” said the Minister.
Adjust support to needs
Thus, the Financing Portal aims to help entrepreneurs find the financial instrument that best suits their project, industry and life stage of the company.
“The Financing Portal is an attempt to simplify and make these public resources more accessible to the needs of those who need them,” said Pedro Siza Vieira.
With the same objective, the Government also created, in 2019, the Coordinating Council of Financial Institutions, an entity whose mission is to adjust available support to business needs and eliminate persistent redundancies.
Capitalize on the program
The Minister further stated that the Capitalize program credit lines have already reached € 8 billion, which “means that almost 9% of the total credit to companies and the economy has been supported by the mutual guarantee system”.
Pedro Siza Vieira added that those eight billion euros of credit that came to companies had about six billion euros of public guarantees.
“Since 2015, companies have seen their debt ratio fall from around 100% of GDP to about 70% of GDP, while their financial autonomy has increased to around 39%,” said the Minister. .
Government measures have enabled companies to respond to their emergency and to prepare them for the challenges of internationalization, digitization and automation, circular economy or decarbonisation, ‘all these movements that will require very significant investment efforts’, concluded.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.