THE Spanish government is being urged to boost its support for small businesses after new estimates reveal that between 60% and 70% of small businesses fold within two years of starting up.
Commonly cited obstacles for entrepreneurs include high taxes, lots of paperwork and a complicated bureaucracy, all of which make it difficult for fledgling businesses to gain momentum in their critical early stages.
Just this past year, a new law removing rent caps for small businesses went into effect and forced many businesses to close up shop in the face of skyrocketing leases.
Many of those businesses were decades old and had been passed down within families through multiple generations.
It is estimated that 80% of Spanish businesses are family owned and generate about 70% of national GDP.