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  Legal Impact on Companies and Organizations  
  FLASHNEWS #19  
  MAY 2020  

CCA covid19 newsletter 06


  Legal Update | COVID-19
Measures to Support Startups:
Mitigation of COVID-19 Impact 
 


   Dear Visitante,


OPERATIONALIZATION STATUS UPDATE


The Portuguese government announced on April 21st seven economic measures to support startups during these unprecedented times. The measures were:

  1. Startup RH Covid19;
  2. Prolonging Startup voucher;
  3. Incubation voucher Covid19;
  4. Mezzanine Funding for Startups;
  5. Instrument Covid19 Portugal Ventures;
  6. EUR 200M Fund;
  7. Social Innovation co-investment Fund.


The operationalization status of those measures are as follows:


> The Mezzanine Funding for Startups led by Portugal Ventures is now open and startups may apply for this program until June 5th.

You can access the program on this link. The investments under this program range between EUR 50,000 and EUR 100,000 and companies must comply with several criteria to be eligible to apply to this program, such as being incorporated for less than 8 years.

If a startup is eligible to apply, it shall fill the application form (available here) and submit the form through Portugal Venture´s Ignition Partners Network or through entities that are part of the National Incubator Network.

Measures 1) Startup RH Covid19, 2) Extension of Startup Voucher, and 3) Incubation voucher Covid19 are to be implemented by IAPMEI.

  • Extension of Startup Voucher - is of automatic application in relation to vouchers previously granted;
  • Startup RH Covid19 and Incubation voucher Covid19 are still pending operationalization.


The Instrument Covid19 Portugal Ventures (measure 5) is coordinated directly by Portugal Ventures with their network, as this program is only available for subsequent investments in Portugal Venture´s capital partners network.

The EUR 200M Fund (measure 6) is available here and can be applied at this link.

As for the Social Innovation co-investment Fund (measure 7), it is not open yet, but it was announced that startups will be able to apply in May here.

Finally, it was recently announced another measure, not directly related to Covid-19 but that may also be considered at this stage – the Startup´s Business Development Credit Line in a maximum amount of € 10M.


The main features of this line are as follows:

Beneficiary: microcompanies with less than 4 years and with at least 15% of equity.

Duration: This line has a duration of 12 months as of its operationalization.

Operation term: 8 years.

Eligible operation: bank financing

Maximum amount per company: 50.000 €, which can be increased to € 100.000 in case the characteristics of the Company’s activity justifies the need to acquire production equipment with an acquisition value equal or higher than € 150.000.

Grace period: up to 24 months

Mutual Guarantee: 75% of the principal amount.

Maximum spread: 3.75%.

Financing entities: IAPMEI and Turismo de Portugal, through the commercial banks.


We hope that everyone remains safe.

 
   

 For further information, please contact:

 

 
 

     
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Domingos Cruz FC  
Domingos Cruz
Managing Partner
dc@cca.law
 
 
 
     
 
Pedro Antunes FC  
Pedro Antunes
Partner and Coordinator of the Labour Department
pa@cca.law
 
 
 
     
 
TAF  
Tânia de Almeida Ferreira
Partner and Coordinator of the Tax Department
taf@cca.law
 
 
 
     
 
Marta Duarte FC  
Marta Duarte
Partner of the Litigation & Arbitration Department
md@cca.law
 
 
 
     
 
Sara Reis FC copy  
Sara Reis
Partner and Coordinator of the Corporate/M&A Department
sbr@cca.law
 
 
 
     
 
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Madalena Azeredo Perdigão
Partner of the Real Estate Department
map@cca.law