The negative impact of the pandemic is showing of the number of companies and investors, close to one hundred the first week alone, that have requested the specialised service of the support line “Revitaliza Porto”, a free support service launched by the Municipality of Porto, via InvestPorto, whose goal is to support the business community in the city of Porto in the response to the pandemic crisis.
The support line “Revitaliza Porto.”, which started operating o 20th November, enables to present questions and problems, clarify doubts, ask for expert advice and get information on the latest support measures to each business.
Data by InvestPorto shows that 97.8% of the support request are by companies and they are related to Covid-19 distress. These are companies whose inception dates back to less than five years (32 companies) and 29 requests for help are of companies that were established between 2011 and 2015.
The overwhelming majority of requests was filled by microbusiness (82), in the Tourism, hotel business and catering sectors (43) and Trade (41). As regards investors, three out of four requests relate to investments under 250 thousand euros, and one is linked to an investment between 1 and 10 million euros. Two of the requests are made by investors based in Portugal, one in Brazil and another in Israel.
According to data by InvestPorto, 84.8% of the requests received were answered in less than 48 hours. The majority of the requests are linked to investment incentive and support, funding, municipal support and support to the creation of employment.
Each request will be assessed by a multidisciplinary team that includes InvestPorto technicians and specialized consultants in incentives, support measures to companies and investors (both at national and at municipal levels), means of financing, taxation and other business issues. Once the request is submitted, the team will seek the most suitable answers and give applicants feedback. For further details on the “Revitaliza Porto.” support line, and other support measures to fight Covid-19, consult the investment office of the Municipality of Porto via the link www.investporto.pt.
Alongside this initiative, the Municipality of Porto has promoted a support package to help boost the local economy. The first set of measures was approved in April, and the following months other initiatives were implemented, such as the extension of the esplanade spaces, and the exemption of municipal fees that will be extended until the end of 2021, as recently announced by the Municipal executive.