European Foundation
for the Improvement of
Living and Working Conditions

The tripartite EU agency providing knowledge to assist
in the development of better social, employment and
work-related policies

EU PolicyWatch

Database of national-level policy measures

Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.

Factsheet for measure PT-2020-11/428 – measures in Portugal

Credit Line Capitalizar 2018 – COVID-19

Linhas de Crédito Capitalizar 2018 – COVID-19

Country Portugal , applies nationwide
Time period Temporary, 12 March 2020 – 31 May 2020
Context COVID-19
Type Legislations or other statutory regulations
Category Supporting businesses to stay afloat
– Access to finance
Author Heloisa Perista and Maria da Paz Campos Lima (CESIS)
Measure added 09 April 2020 (updated 05 May 2020)

Background information

The Credit Line Capitalizar 2018 – Covid-19 aims to support the Portuguese businesses affected by the economic effects of the pandemic Covid-19. This credit line was launched by the Portuguese Government and is managed by PME Investimentos. It provides for funding, with better price and term conditions, of the businesses needs in terms of operating fund and treasury, for instance the payment of wages or the acquisition of products and raw materials.

Content of measure

The Credit Line Capitalizar 2018 – COVID-19 provides for funding, with better price and term conditions, of the businesses needs in terms of operating fund and treasury.

The total amount of the credit line is €400 million (initially this amount was €200 million). The maximum support per business is €3 million.

  • This line is preferentially addressed to SMEs. Large companies operating in most sectors and one person enterprises may also be eligible.
  • Bond: up to 80% of the capital outstanding.
  • Financial guarantee: 100%.
  • Interest rate: fixed or variable rate of interest increased by a spread, according to maximum limits.
  • Maturity of the operation: four years for the operating fund; and between one and three years for treasury.

Use of measure

The end date for the measure was set to 31 May 2020. However, on 6 April 2020 PME Investimentos informed that further applications to this credit line were no longer possible, since the total amount of support was already exhausted. The credit line is thus closed since 7 April 2020.  

The employers organisations have been claiming that the total amount of this credit line is (was) too low.

Target groups

Workers Businesses Citizens
Does not apply to workers SMEs
One person or microenterprises
Larger corporations
Does not apply to citizens

Actors and funding

Actors Funding
National government
Company / Companies
National funds

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role No involvement No involvement
Form Not applicable Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

  • Unknown
  • Main level of involvement: Unknown



Views and reactions

The employers organisations have been claiming that the total amount of this credit line is too low.



Eurofound (2020), Credit Line Capitalizar 2018 – COVID-19, measure PT-2020-11/428 (measures in Portugal), EU PolicyWatch, Dublin,


Eurofound publications based on EU PolicyWatch

30 January 2023


Measures to lessen the impact of the inflation and energy crisis on citizens

Governments across the EU continue to implement policies to support citizens and businesses in the face of rising food and energy prices caused by the COVID-19 crisis and intensified by the war in Ukraine. This article summarises the policy responses as reported in Eurofound's EU PolicyWatch database from January to September 2022.


12 September 2022


First responses to cushion the impact of inflation on citizens

Although the worldwide pandemic situation had already disrupted supply chains and triggered increases in energy and food prices in 2021, the situation deteriorated in 2022 with the Russian invasion of Ukraine.


12 September 2022


Policies to support EU companies affected by the war in Ukraine

This article summarises the first policy responses that governments across the EU have started to implement to support companies affected by the rising prices, and those with commercial ties to Ukraine, Russia or Belarus.


5 July 2022


Policies to support refugees from Ukraine

This article summarises the first policy responses of EU Member States, including those of the social partners and other civil society actors, enabling refugees to exercise their rights under the Temporary Protection Directive.


Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.