New Initiative Launched to Support Business Succession in Galicia
The Official Gazette of Galicia (DOG) has announced the launch of the new Bono Remuda program, initiated by the Department of Employment, Commerce, and Emigration, aimed at promoting the transfer of businesses and ensuring their continuity in the Galician productive sector.
This initiative, with a budget of 1.5 million euros, is part of the Remuda Plan, operating under the Rede de Polos de Emprendemento, with the goal of preventing business closures due to lack of succession, and enabling interested individuals to take over economically viable businesses.
Businesses must have their registered address and tax residence in Galicia, and must be listed in the Remuda Exchange of the Rede de Polos de Emprendemento. The need for succession must arise from the retirement of the business owner, or unexpected circumstances such as incapacity, disability, or death (occurring between January 1 and October 30, 2024).
Features of the Bono Remuda
The program consists of two lines of support: one focused on rural businesses (municipalities with less than 5,000 inhabitants), with a budget of 1 million euros; and a second line, with half a million euros, for businesses located in larger municipalities.
The amount of assistance will be determined based on the business succession contract, covering up to 75% for rural businesses and 70% for others. For rented premises, the subsidy will cover the first 18 months of rent.
Additional funding will be provided for businesses in rural areas if the new owner is a returning emigrant, a foreign national, or a resident of the same locality. Further increases in support will be available for women, individuals under 30 or over 52 years old, and businesses with more than 5 employees. The maximum grant amount will be capped at 30,000 euros.
The deadline for applications is October 30, and each applicant must submit a business plan, along with a valuation report that can be prepared with assistance from the staff at the Polos de Emprendemento.