OVER €1.7 million has been made available to small-to-medium sized businesses (SMEs) and the self-employed in Palma de Mallorca.
Launched by the capital’s Governing Board, the campaign aims to boost the Balearic economy.
It also serves to help these individuals and companies overcome the financial impact of the coronavirus crisis.
Initially, the board had allocated €516,000 towards the campaign.
However, after consideration a further €830,000 was added to the pot.
The approved funds will be made available to commercial establishments, service companies or freelancers that carry out their activity in Palma.
These parties must have suffered losses of at least 75% in the months of March, April or May – a time when Spain was under the state of alarm.
This calculated loss must be compared against the same months of the previous year.
More details on the grants will be published in the Official Gazette (BOIB) in the coming weeks and requested through the PalmaActiva website the day after its publication.
Meanwhile, the Balearic Islands reportedly entered a recession according to an analysis conducted by the Confederation of Business Associations (CAEB).
The business association had carried out an extensive study of the Balearic economy during the third quarter of this year.
This revealed that the region suffered an ‘unprecedented and historical’ drop in its gross domestic product (GDP), falling by a staggering 35.6% and meeting all requirements for a recession.
In response to the study its president Carmen Planas demanded swift action from the Government of the Balearic Islands.