A statement from the Algarve Regional Coordination and Development Commission (CCDR) explains that the program foresees an allocation of European funds of five million euros, coming from the European Regional Development Fund (ERDF).

The maximum financing rate is 60% of the expenses of each project that is eligible to benefit from support.

The application period began on December 29, 2023, with the analysis and decision being carried out in three phases, each scheduled to close at the end of February, July and December of this year.

According to the notice for submission of applications, “these projects must contribute to employment, the modernisation and resilience of local economies and the diversification of the Algarve's productive base”.

In this notice, “activities included in the tourism sector, which is the most important in the region, are “not eligible”.

The Algarve 2030 program supports operations that promote the diversification of the regional production base, related to the creation, expansion or modernisation of companies.

The notice includes investments such as the acquisition of machinery and equipment, remodelling works and other constructions, “as long as they are duly justified by the objective of the operation”.

The Algarve CCDR cites data from the National Statistics Institute to explain that micro-enterprises “dominate the business universe” in the region, accounting for around 96.7% of the total number of companies in the Algarve.