Africa-Press – Cape verde. State support for the informal sector and micro, small, and medium-sized businesses will be paid starting next week. This information was released today by the Minister of Investment Promotion and Business Development, Eurico Monteiro, during a meeting at the Barlavento Chamber of Commerce.
According to the minister, this is a non-refundable grant to help businesses recover.
“Thus, along with the emergency social income created for the informal sector, amounting to 30,000 escudos/month for up to three months, the Government created a non-refundable financial subsidy for informal operators, market vendors, small farmers, etc., of 50,000 escudos, which we consider important. Furthermore, a financial subsidy was created for micro-entrepreneurs, amounting to 150,000 escudos. It also created an amount for small entrepreneurs of up to 500,000 escudos, and a subsidy to compensate medium-sized companies, with a minimum limit of 500,000 escudos to 1,200,000 escudos. In other words, minimal damage will be compensated with the minimum subsidy, and proof of greater damage will be compensated with the higher amount. We expect it to be operationalized as early as Monday,” he states.
The lists of beneficiaries will be drawn up by the City Council, in collaboration with other local institutions, depending on the nature of the activity, in coordination with the central government.
“We have criteria that we want to make much easier, such as identification through the City Council, in conjunction with the Chamber of Commerce, Pró-Empresa, and in the case of farmers, with the Ministry of Agriculture, and in the case of fisheries, with the Ministry of the Sea. It’s a practical criterion; there will be no individual contact with individuals; all identification will be done in São Vicente. The City Council plays a central role in this identification, working with government services involved in the area. This list will be compiled regularly, must include the bank account, and once validated, the amount will be deposited immediately,” he states.
According to Eurico Monteiro, it’s a “simple system” that may undergo changes for “adjustments or to prevent misuse.”
“The subsidy is intended to restore the ability to do business and operate. To ensure reliability, the list will be published for scrutiny, ensuring that everything is being done properly, without any deviations. This is a non-refundable, non-refundable financial subsidy package for all those who suffered damage, whether due to loss of material, destruction of material, or a sharp drop in activity, or a shutdown or reduction in production capacity,” he assured.
In addition to the subsidy, the Government has made credit lines available to support micro, small, and medium-sized enterprises, with a subsidized interest rate of no more than 5.5% and a five-year repayment period. The State assumes 100% of the guarantees.
Regarding large companies, the minister added that the situation will be analyzed on a case-by-case basis, taking into account the extent of the losses and the economic impact, “in order to find solutions tailored to the specific needs of operators.”
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