The aim is to stimulate and assist in the establishment of new enterprises. This is the purpose behind the €450,000 grant that the Insular Government Council has approved today for the formation of new businesses in Tenerife. The Minister of Commerce and Support to the Cabildo, Krysten Martín, highlights that the focus of this initiative is on “encouraging self-employment, economic revitalisation, and the generation of stable jobs.” It is important to note that over 80% of the island’s productive sector comprises self-employed individuals and small to medium-sized enterprises (SMEs), which are characterised by a limited number of employees and a modest turnover.
Specifically, €451,892 is allocated for this particular support initiative for entrepreneurs. This funding is part of the Strategic Plan for Subsidies 2024-2026 and is defined by the condition that “the payment will be made in advance, with grants being awarded after the beneficiaries meet the requirements,” as the minister elaborates.
The deadline for submitting applications to access funding will remain open until 30 September, or until the budget has been fully allocated, and it is available to individuals or groups who plan to undertake projects between 1 September 2024 and 31 August 2025.
Krysten Martín reiterates that “this initiative aims to promote self-employment, economic dynamism, and the establishment of stable jobs” and furthermore, “reinforces our support for entrepreneurship as a catalyst for local economic development.”
The minister concludes by stating that “these grants reflect a policy of local engagement and job activation, designed for those who choose to invest and develop a business project in Tenerife.”
From an investment perspective, the results for 2024, according to the Chamber of Commerce’s Economic Bulletin, were positive, as evidenced by metrics such as the registration of industrial vehicles or the number of companies that, despite progressing moderately (0.5% and 132 more in the year), managed on the island since the first quarter of 2019; this is essentially pre-pandemic.
Moreover, in alignment with favourable activity records, business confidence increased in the last quarter survey of the previous year, measuring 1.6% above the average regional growth (1%). Additionally, 89% of companies reported maintaining or enhancing their operations compared to the third quarter, and 87% are optimistic about continuing this trend into early 2025.
