FINOVA – Fund to Support Financing for Innovation (“Fundo de Apoio ao Financiamento à Inovação”), was created by Decree-Law no. 175/2008, of 26 August 2008, as a privileged instrument for achieving the objectives set out in SAFPRI (“Sistema de Apoio ao Financiamento e Partilha de Risco”). This program, created under the scope of the National Strategic Reference Framework (QREN), is financed by the Operational Programme for Competitiveness Factors (COMPETE) and Regional Operational Programmes (POR) of Lisbon and Algarve, and intends to boost the range of financial tools which provide better financing conditions for Portuguese SME.
FINOVA specializes in financing companies and promoting innovative projects with the following objectives:
To achieve its goals, FINOVA may support different funding tools:
FINOVA has an initial capital of 100 million Euro, which will be underwritten by national Public Entities targeted to support the funding and innovation of companies such as IAPMEI, AICEP, Turismo de Portugal, ADI, CCDR LVT and CCDR Algarve, and PME Investimentos – Sociedade de Investimento SA. was appointed as the Management Company of the fund.