Tenerife Launches €320,000 Funding Program to Modernize Local Businesses

The Cabildo de Tenerife has launched a new funding initiative to support the island’s retail, hospitality, and service sectors. Managed by the Department of Commerce and Business Support under Krysten Martín, the program has an initial budget of 320,000 euros, which could increase by an additional 50,000 euros depending on available funds.

To ensure the money reaches those who need it most, the Cabildo is partnering with industry associations, federations, and confederations. These groups will act as intermediaries to help businesses carry out modernization projects. Each proposal can receive up to 50,000 euros in funding, with the possibility of covering 100% of project costs for proposals worth at least 25,000 euros.

The program is designed to help small and medium-sized enterprises adapt to modern challenges. Priority will be given to projects that focus on digitalizing management systems and adopting sustainable practices. As consumer habits change, the Cabildo recognizes that technological growth and sustainability are essential for local businesses to survive and thrive.

This initiative is part of a wider effort to strengthen the island’s economy. By providing businesses with better access to technical and financial resources, the Cabildo aims to build a more resilient local market. Councilor Krysten Martín stated that the goal is to improve the competitiveness of local businesses, giving them the tools they need to succeed in an increasingly demanding and globalized economy.