The Cabildo de Tenerife has launched a new grant scheme worth up to €370,000 aimed at boosting innovation and competitiveness in the island’s retail, hospitality, and personal services sectors. The initiative, announced by the Minister of Commerce and Business Support, Krysten Martín, will support associations, federations, and confederations within these sectors to fund modernisation and economic revitalisation projects.
Initially set at €320,000, the fund may be increased by an additional €50,000 depending on budget availability. Each project can apply for a maximum of €50,000, with funding covering up to 100% of eligible expenses for projects with a minimum budget of €25,000. This initiative aims to provide sector representatives with the resources needed for transformative projects that enhance business management.
The criteria for funding prioritise initiatives that have a direct impact on the local business landscape, especially those that modernise management practices and integrate digital tools while promoting sustainability aligned with the Sustainable Development Goals (SDGs).
Minister Martín emphasised the goal of improving competitiveness through innovation, enabling local traders to access modernisation tools and sustainable practices. This initiative forms part of the Cabildo’s broader strategy to support the local economy and strengthen proximity commerce, which is crucial for the island’s economic dynamism and territorial cohesion.
