The Ministry of Economy and Development announces the budget increase of the Action: 120 million to support the creation and operation of new tourism SMEs to 400 million euros euro.

A more than tripling of funds for subsidies in the tourism sector is being driven by the very high level of interest recorded by the applications received under the programme: Support for the Establishment and Operation of New Tourism SMEs of the EPANEK, which ended in mid-May. A total of 7,297 investment projects were submitted to this action, which call for 1.127 million public grant.

Budget Increase - Benefits

The particularly high demand of the interested parties and the need to support as many beneficiaries as possible, was the main reason why the Ministry proceeded with this increase. In conjunction with the previous action: stroengtening tourism smes for federalization ed qualiti apgradio the service sheep on aid for investment projects existing micro, small and medium-sized tourism enterprises of all sectors, the programmes in the tourism sector have been well received and investors are particularly alert.

According to competent sources, through this increase in the budget of the Action it is estimated that about half of the applications that have been submitted and will be included in the Program will be met. The amount of the subsidy ranges from €25,000 to €400,000. In particular, 45% of the eligible costs are financed. While in the case of hiring new staff for at least 0.2 SRM of paid employment the funding rate is 50%.

In addition, the increase in employment and economic activity created as a multiplier effect in professions around tourism such as construction, ship repairs, catering, etc. was a key factor in this initiative.

Finally, a key element of increasing the budget, but also proving the apt planning of the action, in addition to the high response of stakeholders, is the mobilization of private resources with a total value of € 1,127 million. of which EUR 920 million euro relates to funds that do not come from bank lending. This action is of immediate implementation. As described in the Guide, it is mandatory that within the first 16 months 25% of the investment budget has been implemented.

See more information about the action here.