The Ministry of Business, Self-Employment and Energy has launched a new grant programme aimed at supporting generational succession and preventing the closure of viable businesses in the Balearic Islands due to the retirement of their owners. The initiative has a budget of 100,000 euros and seeks to facilitate the continuity of commercial businesses, service companies and industrial firms through financial support for ownership transfer procedures and business modernisation projects.
The programme will allow self-employed workers and microbusiness owners to cover administrative costs linked to the transfer of business ownership. In addition, the grants will support modernisation initiatives focused on digital tools, improved management systems and communication strategies adapted to current market demands.
During the presentation of the initiative in Palma, the regional minister for Business, Self-Employment and Energy, Alejandro Sáenz de San Pedro, underlined the importance of strengthening measures that help preserve economic activity and protect jobs across the islands. The presentation took place at La Veneciana haberdashery shop, one of the businesses currently seeking generational succession.
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Generational succession grants to prevent business closures in the Balearic Islands
The call for applications is divided into two separate funding lines. The first is aimed at financing expenses and procedures related to the transfer of business ownership. The second focuses on supporting modernisation strategies linked to digital transformation, innovation in management and competitiveness improvements.
Beneficiaries may receive grants of up to 12,000 euros. To qualify, businesses must operate physically within the Balearic Islands and have at least fifteen years of activity. Furthermore, the transfer must be motivated by the owner’s retirement, death or the risk of the business disappearing.
Applications may be submitted until 24 August. Additional points will be awarded to businesses that have previously received support through the ADRBalears “Ibrelleu” programme, as well as to emblematic establishments recognised for their historical and social value.
“Ibrelleu”, which forms part of the Business Succession Plan, has so far assisted 340 users. Among them, 140 are business owners seeking to transfer their companies, while the remaining 200 are entrepreneurs interested in taking over existing businesses. Thanks to the programme, fifteen business transfers have already been completed and around twenty additional succession processes are currently underway.
With this new grant programme, the Balearic Government strengthens its commitment to preserving local business networks, encouraging entrepreneurship and ensuring the continuity of long-standing companies that play a key role in the economic and social fabric of the Balearic Islands.