Encourage support the creation of self-employment by entrepreneurial unemployed people who have a technically,economically,financially viable business concept.
The PEED (Legal framework - Portaria nº 32/2013, 13th May, published in JORAM, I Série, nº 56),it´s a programme which encourages and supports the creation of jobs by unemployed entrepreneurs who have a commercial concept technically, economically and financially viable.Who is it headed to?.Unemployed people, enrolled in the Instituto de Emprego da Madeira, IP-RAM, 18 years or older.Who can apply?.The programme is intended for an individual or collective business activity. If it is collective the PEED will be able to create 4 jobs needed for the development of the project, including the project leader, provided that they are all registered in IEM.Available financial support. A team of experts in Management Entrepreneurship helps the promoters in all the process, from the very beginning up to 3 years after the approved of application.Financial support for job Creation (maximum 4 posts).The financial support per job created is equivalent to 10 times the Social Support Index (IAS), being increased by 10% when the job application is filled by young people up to the age of 30, long-term unemployed, more than 1 year or more than 45 years and beneficiaries’ RSI (Social Insertion Income). However, these increases can’ not be accumulable among themselves, opting for the most advantageous. Complementary financial support.The additional financial support is granted as a non-refundable grant up to 15 times the Social Support Index (IAS), for each job created and up to the limit of four.
Funds (FSE or regional budget) to support the approved projects. The available funds for this program in IEM’s budget for the period 2014-2020 was € 3.420.000 (15% Regional budget and 85% FSE). Technical experts in the area of management for projects analysis, approval and monitoring.
Evidence of success
IEM, IP-RAM contributed to the creation of many success enterprises through the PEED, in different areas: Agriculture, restoration, bakery/pastry, travel agencies, catering, tourism, transports. The success stands essentially in the number of jobs created: 70 projects approved, and 125 jobs created (2017).
Adequate training of promoters in the area of management and entrepreneurship. Difficulty in finding skilled workers.
Potential for learning or transfer
PEED's goal is to stimulate the creative and entrepreneurial capacity of the unemployed, providing them with the right tools to build and develop their project. By supporting private projects, one stimulates local economy.
The project is highly replicable as it requires the combination of means usually found in all European Regions.
Please login to see the expert opinion of this good practice.