Andorra Business allocates 27% of the budget to direct aid to businesses

Andorra Business allocates 27% of the budget to direct aid to businesses

This year Andorra Business will increase direct corporate contributions in the country by 32.6%, which will move from the €411,000 budgeted for the 2023 financial year to the €545,000 planned for 2024.

This is evident at least in the draft 2024 budget of the Andorra Development and Investment Company, which is being processed by the General Council. Balanced accounts amount to 2,241,299 euros, an increase of 10% compared to 2,036,582 euros from last year. However, this figure will rise to 3,536,582 euros if Taking into account the million and a half allocated to the Iron Man 2023 budget, sponsorship is no longer planned for this year.

This is the fifth consecutive increase in the amount of subsidies going directly to companies, which already represents 27% of the total community budget, a percentage that does not take into account the contribution of 200 thousand euros per year since the creation of Andorra Business. For the Grifols research project.

Hence, Andorra Business plans to allocate up to 376,094 euros this year for the internationalization of companies with the aim that more and more companies in the country will benefit from international markets to increase sales, make contacts and search for new partners and new technologies. Or suppliers or role models, among others.

The association will also maintain a provision of €180,000 for its support programme, which will now be in its seventh edition, which aims to provide companies with access to professional services that make their access to digitalization, innovation and internationalization possible. Business improvement. In the same way as in the last three fiscal years, these subsidies will be awarded through competitive competition according to priority sectors and projects that have the greatest possible impact on the applicant companies and on the economy in general.

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At the same time, Andorra Business plans to repeat next year also the Growth Programme, which was created in 2020 and thanks to which every year 15 companies can enjoy more than 80 hours of one-on-one mentoring and group sessions to make a direct impact on their growth as an enterprise. The company, an initiative for which 46 thousand euros will be allocated, an increase of three thousand over last year.
In the area of ​​direct corporate contributions, it is expected that 5,000 euros, 3,000 euros less than in 2023, will be allocated to companies that are part of the Tandem program to integrate technology or solutions proposed for participating students.

Regarding the support of economic diversification based on the development of sectors considered to be priority, to which goal it is planned to allocate up to 500,600 euros, transfers worth 40,000 euros are maintained for the Andorra Sports Group, and for the Andorra Health Destination, the Products Club was formed by Andorran companies with the aim Jointly promoting the country as a health destination and at the same time its members can benefit from contracting for bundled and shared services.

As for the technology sector, it is scheduled to organize, for the fourth year in a row, the Andorra Pavilion at 4YFN, an international reference event specialized in startups and technology companies within and during the Mobile World Congress in Barcelona, ​​where between eight and ten Andorran companies will participate and will be able to the offer. Emphasis will also be placed on the leadership and coordination role of Andorra Business to advance the country's strategic plan for the e-sports sector, an area in which events are organized that should promote development, growth and position within the sector.

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The association will also continue to work towards strengthening the country's startup and entrepreneurship ecosystem, a goal shared with Andorra for research and innovation, and is set to allocate €120,000 to create an accompaniment and support program for startups and innovative companies. business men. Regarding investment attraction and promotion, the value of the planned item, including actions for each priority sector, amounts to 242,594 euros.

On the other hand, staff expenses increased by 3.56% and go from €694,882 planned for fiscal year 2023 to €719,611 in 2024, a slight increase that Andorra Business attributes to the CPI difference between last year's budgeted and real inflation.

FNJA wants more income and less reliance on public funds

The National Youth Forum of Andorra is confident that 2024 will be a year of “growth” and that by publishing the communication and fundraising plan, it will be possible to diversify income and thus reduce dependence on public funds. This was at least made clear in the report accompanying this year's FNJA draft budget, which entered into parliamentary force in the General Council, where the option of creating spaces for cooperation with other public and private organizations, both national and international, to expand the Forum's influence and operational capacity was also emphasized. .

Thus, from FNJA it was detailed that the fundraising plan will focus on two main pillars such as generating participatory projects supported by national and international entities and raising new sources of funding through private donations and sponsorships. In this sense, the report confirms that the experience gained during the years 2022 and 2023 in presenting the supported projects made it possible to benefit from the efforts made and validate an “effective and flexible” business model, such that it is “sustainable and sustainable.” “Desirable” for the facility to submit its own projects or in collaboration with other entities to tender to qualify for subsidies.

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At the same time, it is considered that the “successes” achieved in current and future programs will improve FNJA’s ability to raise funds or agree sponsorships. In this line, it is committed to a new business model where it seeks to “establish important and long-term relationships” with third parties that can provide financial and logistical support.

Going into details of the accounts planned for this year, the FNJA expects a balanced budget of €99,366. In the case of income, up to €92,637 will correspond to the government transfer in accordance with the provisions of the FNJA, while the remaining €6,729 will come from subsidies and other projects.

As for expenses, approximately 73%, amounting to 72,514 euros, corresponds to personnel expenses, an item that increases by 50.5% compared to 2023. “The increase is due to the employment of a full-time communications employee,” the entity explains. Technician, with a total remuneration of €27,903 in thirteen installments, applying the difference between budgeted inflation and actual inflation for last year and current inflation.

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