Tenerife Launches €600,000 Grant Program to Boost Local Businesses

The Tenerife Island Council has launched a new funding initiative this week to support the island’s business community. Led by Krysten Martín, the Department of Commerce and Business Support has allocated 600,000 euros to help both new entrepreneurs and existing businesses grow.

The program offers a flexible funding model. While the base grant is 1,000 euros, businesses can receive up to 10,000 euros by meeting specific criteria. Additional incentives include:

• 6,000 euros for opening a street-level shop with direct public access.
• 1,000 euros for taking over an existing business from a retiring owner.
• 1,000 euros for female entrepreneurs.
• 1,000 euros for entrepreneurs with a recognized disability of 30% or more.

This initiative aims to tackle two major challenges: the decline of local high-street shops and the difficulty small business owners face when trying to secure startup capital. By encouraging the opening of physical storefronts, the Council hopes to revitalize neighborhoods that have struggled against the rise of online shopping and high commercial rents.

Ultimately, the Council wants to lower the barriers to entry for new businesses. By supporting both new startups and the transfer of traditional shops, the project aims to create jobs while preserving the local, community-focused economy that has long been the backbone of Tenerife.