Government launches €20 million credit line for events companies

The Government has decided to create a new credit line for the tourism industry to help companies that organise events.

The new line of finance, aimed particularly at small and medium sized companies hard hit by the Covid-19 epidemic, will be made available this month.
The announcement was made by the Secretary of State for Tourism on Friday during an event organised by the Portuguese Association of Companies organising Congresses, Tourist Entertainments and Events (APECATE).
“We are fully aware that the tourism sector was particularly hard hit by this pandemic and within the tourism sector we have highlighted some sub-sectors, and companies that organise events is one of them,” says the Secretary of State for Tourism, Rita Marques.
So, the Government has decided to create specific new measures for these companies — some already included in the Economic and Social Stabilisation Plan (PEES), says Rita Marques.
The €20 million credit line should be made available this month said an official source within Rita Marques’ office who added that the new credit line will be managed by the Portuguese tourism bureau Turismo de Portugal.
But the support will operate in a different way to others which involve protocols established between the banks and the government.
The idea is to “compensate companies which organise events and have lost ticket sales revenues,” says the source.
The Government will also award ‘Clean&Safe’ seals of approval to companies which organise events.
“At present we are awarding the seal not just for tourism developments but also for museums, rent-a-car and even tourist guides and interpreters and we had rather left out the events organisation sector. The events venues do, but the companies that organise events didn’t and now will.”