Tourism support program

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How it works Financing Costs and deadlines How to apply

How it works

A program driving the recovery of the tourism sector

Up to €150 million available Financing for working capital and investment for SMEs, Small Mid-Caps, Mid-Caps and Large Companies, located in Portugal and carrying out their main activity under eligible CAE codes View CAE codes

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Eligible operations Financing for working capital and investment to support your company's operations and growth.

Ineligible operations Financing is not available for the purchase of real estate, second-hand goods or passenger vehicles. Exceptions apply to real estate used for business purposes (up to 50% of the financing amount) and vehicles under CAE 771 – Passenger car rental.

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Eligibility and beneficiaries Micro, small and medium-sized enterprises (certified by IAPMEI), Small Mid-Caps, Mid-Caps and Large Companies operating in Portugal under eligible CAE codes and meeting the applicable requirements may apply. View requirements

Eligible operations Financing for working capital and investment to support your company's operations and growth.

Financing

See all terms and conditions

Interest rate

Variable interest rate indexed to the 6-month Euribor⁽¹⁾ or fixed interest rate calculated based on the Swap Rate according to the financing term ⁽²⁾, plus the applicable spread:

Up to 1 year - 1.250%
From 1 to 3 years - 1.50%
From 3 to 6 years - 1.85%
From 6 to 10 years - 2.50%
Over 10 years - 3.00%

Total amount

Global funding allocation of up to €150 million

Maximum amount per Company

Working capital³:

€250,000 for Micro Companies
€750,000 for Small Companies
€1,500,000 for Medium-sized Companies, Small Mid-Caps and Large Companies

Investment: €4,500,000

Availability period

Until 7 January 2023. This period may be extended by the manager, unless the available funding is exhausted beforehand.

Type of operation

Working Capital and Investment: Loan facility.

Drawdown of funds

Working Capital: Single drawdown for the full loan amount, within 30 days from the date of the loan agreement. Investment: Drawdowns allowed for up to 36 months from the date of the loan agreement, with a maximum of five drawdowns.

Repayment

Loans: Equal, fixed principal repayments, payable in arrears on a monthly, quarterly, twice a year or annual basis.

Mutual guarantee

A first-demand autonomous guarantee issued by the Mutual Guarantee Societies (SGM), covering up to 80% of the outstanding principal at any given time.

Additional security

Additional collateral may be required as part of the credit assessment and approval process. Such collateral will be granted on a pari passu basis in favor of both Millennium bcp and the SGM to secure the beneficiary company's obligations arising from the autonomous guarantee.

Multiple operations

Companies may apply for more than one operation, either through the same credit institution or through different credit institutions. However, the combined total of all operations may not exceed the maximum amount established per company under this scheme.

Term

Working capital:

Up to 6 years

Investment:

Up to 20 years (for Micro, Small or Medium-sized Companies, where the financing is granted under market conditions).
Up to 10 years (for Small Mid-Caps, Mid-Caps or Large Companies, or where a Micro, Small or Medium-sized Company opts for below-market pricing).

Principal grace period

Working capital:

Up to 18 months from the date of the loan agreement

Investment:

Up to 48 months from the date of the loan agreement

Interest

Payable in arrears, in accordance with the principal repayment schedule.

Fees

Arrangement fee: 0.50% of the total loan amount.

Early repayment fee: 0.25% of the amount repaid.

Mutual guarantee fee: 2%, charged by the SGM (payable by the customer to the SGM), collected in advance on a monthly, quarterly, semi-annual or annual basis.

Legal Information

⁽¹⁾ Verified on the second business day preceding the start of each interest calculation period.

⁽²⁾ The Euribor Swap Rate published by the Intercontinental Exchange (ICE) at 11:00 a.m. (EUR RATES 1100 table) on the second business day prior to the loan agreement date, available at: https://www.theice.com/marketdata/reports/180.

If the Euribor or Swap Rate is negative, it will be deemed to be zero.

For the bank guarantee component provided by the Bank in favour of third parties, the Bank will charge a guarantee fee of up to 3%, payable monthly, quarterly, semi-annually or annually, either in advance or in arrears.

TAE of 6.147%, calculated on the basis of a nominal annual interest rate (TAN) of 5.751%, comprising the 6-month Euribor (simple arithmetic average of the daily quotations for the month preceding the interest calculation period, rounded to three decimal places, which for this example was February 2024, corresponding to 3.901%) plus a 1.85% spread, for a €250,000 loan with a 72-month term and an 18-month principal grace period, repayable in equal and successive monthly principal instalments, plus the corresponding interest, including the Management Fee.

The TAE (Annual Percentage Rate) has been calculated in accordance with Decree-Law No. 220/94 of 23 August.

All applications are subject to Millennium bcp's credit risk assessment and approval. Final eligibility under the scheme is determined by the Scheme Manager.

⁽³⁾ For travel agencies and tour operators seeking financing exclusively to reimburse vouchers issued for trips that did not take place due to the COVID-19 pandemic, the above limits do not apply. In these cases, the maximum financing amount corresponds to the total value of the vouchers to be reimbursed. A joint declaration identifying the relevant vouchers, signed by a Certified Accountant or Statutory Auditor, must be submitted.

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