Advertisement

self-employed For Members

The financial aid available to Spain’s self-employed workers in 2024

The Local Spain
The Local Spain - [email protected]
The financial aid available to Spain’s self-employed workers in 2024
Financial aid for self-employed workers in Spain in 2024. Photo: Liza Summer / Pexels

We all know that being autónomo or self-employed in Spain can be tough, but thankfully there are several benefits available to help you out in the new year.

Advertisement

There are different types of financial aid available depending on where you live in the country, the aims you have for your business and the help you need. 

Aid for autónomos in Valencia

The regional government of Valencia, through the Valencian Institute of Business Competitiveness (IVACE), offers an annual aid programme to promote the digital transformation of small businesses. The aid consists of non-refundable subsidies of up to 40 percent of eligible costs, with a maximum of €100,000 per beneficiary. You can find out more about the programme via the dedicated page on the Valencia government website. 

READ ALSO: Everything that changes for self-employed workers in Spain in 2024

Aid for autónomos in Madrid

There are in fact three different types of benefits self-employed in Madrid can apply for next year. These are:

- Madrid offers subsidies to maintain the employment of self-employed workers and micro-businesses, to facilitate the transition of their activity towards a digital and environmentally friendly economy. These grants are awarded directly.

- The Madrid Collective Entrepreneurship Promotion Programme encourages collective entrepreneurship in the region by granting aid that covers part of the initial expenses necessary for the constitution of cooperatives and labour companies. This could include investments for expansion and development. 

- Madrid also offers aid for workers who become self-employed which subsidises part of the expenses necessary to start their businesses. The aid aims to promote corporate social responsibility and work-life balance. New autónomos can also benefit from not having to pay social security in their first 12 months of operation, providing they haven't previously been self-employed in the last two years. 

You can find out more about each of these aid programmes via the dedicated page on the Madrid government website. 

Advertisement

READ ALSO: How self-employed workers in Spain can get a better pension 

Financing

The Official Credit Institute (ICO) offers to guarantee financing for self-employed and small businesses that need liquidity or to make investments. The guarantees cover up to 80 percent of the principal of loans or leasing granted by financial institutions, with a maximum term of eight years and a grace period of up to 24 months. You can find out more about how to apply for financing via the official ICO website.

Benefits for those hiring unemployed workers

The Ministry of Labour and Social Economy, through the State Public Employment Service (SEPE), manages an incentive programme for the permanent hiring of unemployed people to promote the creation of stable employment.

The incentives consist of bonuses on business contributions to social security of up to €1,800 per year for three years, for each unemployed person who is hired on a permanent full-time basis. You can find out more about this aid on the following website

Advertisement

Zero social security payments for those in the Canary Islands, Extremadura and Galicia

In 2024, new self-employed workers in the Canary Islands, Extremadura and Galicia will join those in some of Spain’s other regions (such as Madrid) and benefit from not having to pay social security when they first sign up.

In the Canary Islands, the so-called zero quota will apply from January 1st, 2024. Extremadura will reward its new self-employed workers with aid of €960 per year which should be used for social security contributions. All new self-employed workers in Galicia will also be able to enjoy the zero quota from 2024.

More

Comments

Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also