Economic Development Bank tops $200 million in grants awarded
By The Star Staff
The Economic Development Bank (EDB) for Puerto Rico announced this week the awarding of $200 million in grants to small and midsize businesses, marking a significant advance in the island’s economic recovery.
“The Small Business Financing Program has been a beacon of hope and economic stability for Puerto Rico, reaching all 78 municipalities and supporting more than 28,000 workers,” EDB President Luis Alemañy González said in a written statement.
With 4,143 grant deals closed to date, the EDB has distributed the majority of funds under the current administration, boosting various economic sectors from agriculture to tourism. The effort has generated 15,052 new jobs and supported many more, Alemañy noted.
Collaboration between the island Housing Department and the EDB has been essential to the success of the program, which provides grants and loans for business recovery and expansion. “We are committed to economic reconstruction and providing a big boost to our small business owners,” Housing Secretary William Rodríguez Rodríguez said.
Both officials stressed that interagency work continues to be a pillar for economic progress, providing comprehensive support for the island’s entrepreneurs.
“Our work with CDBG-DR [Community Development Block Grant Disaster Recovery] funds shows our commitment to Puerto Rican entrepreneurship, Alemañy said.