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  • Writer's pictureThe San Juan Daily Star

Development Bank, restaurateurs team up

Puerto Rico Restaurants Association President Carlos Budet Vega

By The Star Staff

In a deliberate step toward strengthening the restaurant industry in Puerto Rico, the Puerto Rico Restaurants Association (ASORE by its Spanish acronym) and the Economic Development Bank for Puerto Rico (EDB) have again joined forces by signing a collaborative memorandum.

The strategic alliance announced Thursday is designed to boost entrepreneurship and foster sustained growth within the restaurant industry on the island.

The memorandum, signed by ASORE President Carlos Budet Vega and EDB President Luis Alemañy González, establishes mutual cooperation focused on facilitating access to financing, advice and resources for entrepreneurs in the restaurant sector. To this end, the EDB last year developed a financing product especially designed to support entrepreneurs in the restaurant industry. The program offers favorable financial terms, including a funding limit of up to $200,000. The plan’s interest rates are competitive, ranging from 4% to 8% annually, whether fixed or fluctuating.

In addition, commitment fees of 0.75% and handling fees of 0.25% are established, with a payment term that varies depending on the use of funds. The general terms of the funding program are designed to fit the specific needs of entrepreneurs within the restaurant industry, thereby giving them the momentum needed to grow and thrive.

In a written statement, Budet Vega expressed his enthusiasm for revalidating the agreement.

“This agreement with the EDB reflects our continued commitment to the development and strengthening of the restaurant industry in Puerto Rico,” he said. “Through this collaboration, we are able to offer our partners valuable resources that will enable them to reach new heights in their endeavors.”

Alemañy González added: “With this alliance, we hope to continue helping strengthen this important economic sector, and to continue adding jobs to the more than 8,000 created and retained through the business relationships we have with these entrepreneurs.”

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