Turismo de Portugal, in partnership with Portugal Ventures and the Portuguese banking system, have a financial instrument available with an overall budget of 90 million euros, of which 15 million euros are in the form of Venture Capital for investment in companies in the Tourism sector, of between 2 and 7 years particularly for the rehabilitation of tourist developments, creation of innovative tourist developments and/or projects in tourism animation.
The bank, at the company's request, may request that the transaction be included within the scope of the VCF Tourism Growth, provided that it meets the following conditions:
1. The transaction is approved under the “Linha de Apoio à Qualificação de Crédito”, a line of credit to bolster the tourism sector, with a financing of up to 50% of the total investment
2. The increase in share capital by the shareholders is recorded at the minimum value of 15% of the eligible investment.
The process is started at the bank, where the following information is required:
1. Proposal for the participation of Portugal Ventures;
2. Comprehensive Strategic Plan, together with the respective economic and financial viability study which must contain:
• Company background, Management Report and Financial Statements from the previous 2 financial years (including statutory auditor’s opinion and reports, when available), and the most recent trial balance;
• Description of the management team and its respective competences, of available human, material/structural resources, main suppliers and customers;
• Characteristics of the available differentiating/innovative processes or products/services, competitive analysis, market study of the products and of the production factors;
• Description of the project to be developed and estimated costs over 5 years, including a detailed description of the key assumptions and identification of the use of estimated funds, as well as the financial cover and respective sources;
• Main activities to be developed, time frame and quantification of resources needed.
• Up to 35% of the total investment: >= €100,000 and <= €700,000
To start the process, those interested should contact the banks that have adhered to the line of credit: Millennium BCP, Novo Banco, Santander Totta, Banco BPI, Caixa Geral de Depósitos, Banco Popular, Montepio Geral, Caixa de Crédito Agrícola Mútuo, Abanca, Banco Português de Gestão, Banco BIC and Novo Banco Açores.