Os financing instruments available for social innovation projects, in the Algarve, will be made known in Portimão, in a public session of Portugal Inovação Social that will take place in the training room of the Portimão Museum, on Wednesday, the 27th, at 10:00 am.
The session will also serve to clarify potential promoters of social innovation initiatives about the application processes.
Portugal Inovação Social is a public initiative that aims to promote social innovation and boost the social investment market in Portugal. Within the scope of CRESC Algarve, five million euros are currently available to the Algarve to finance projects and social innovation in the region.
The Wednesday session will present the various financing instruments available for projects that propose alternative and innovative approaches to respond to social problems.
Each of the four instruments is oriented towards a certain stage in the life cycle of social innovation projects: “Capacity Building for Social Investment”; “Partnerships for Impact”; “Social Impact Bonds” and “Social Innovation Fund”.
In all, together with the funding of Portugal Inovação Social, there is the participation of one or several Social Investors (public or private entities that accompany or co-finance the projects). The financing of each project is approved upon submission of an application by the organizations in the context of open competitions periodically.
Applications for the financing instrument “Partnerships for Impact” in the Algarve are open until April 29, with a view to the creation, implementation and growth of social innovation projects, ensuring 70% of their financing needs.
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