EDB highlights vital role of small businesses
- The San Juan Daily Star
- Sep 19, 2024
- 2 min read
By The Star Staff
Economic Development Bank (EDB) President Luis Alemañy González shared recent data earlier this week on the impact and growth of small and midsize enterprises (SMEs) in Puerto Rico with respect to the first quarter of 2024.
“SMEs play an important role in the economic development of any society. Their contribution to employment and the economic activity of the island is significant, with 44% of private employment covered by companies with 49 employees or less,” Alemañy González said. “Over 7,500 SME establishments were created in the past three years, with the retail, health, professional services, and restaurant and hospitality services sectors standing out.”
The official also noted that companies that hire 50 or more employees have a coverage of 56% of the establishments, according to the most recent data available in the first quarter of 2024.
“Also, 96% of private establishments in Puerto Rico are SMEs and are concentrated mostly in the retail trade industry, where, in addition, the majority of jobs were accounted for,” Alemañy González said.
SMEs are concentrated, taking into consideration the number of establishments, in those that have fewer than five employees, reaching a total of 30,438 establishments and employing 54,185 workers. This group showed a 6.4% increase in the number of establishments and a 3.2% increase in jobs.
In second place are establishments with five to nine employees, which make up a total of 9,773 establishments and provide 64,132 jobs, which saw a 0.2% increase in the number of establishments and a 0.6% increase in jobs.
Meanwhile, in third place are establishments that employ between 10 and 19 workers, which have 6,283 establishments and 83,679 workers, and showed growth of 1.5% in establishments and 2.1% in jobs.
Lastly, there are those with 20 to 49 employees, which have 4,220 establishments with 126,807 jobs. This group showed a 3.5% increase in establishments and 4.8% in the number of jobs.
During the first quarter of 2024, of the total of 53,088 private establishments, 30,438 employed less than five people, 9,773 had five to nine employees, 6,283 had 10 to 19 employees, 4,220 had 20 to 49 employees, and 2,374 were establishments with 50 or more employees, the latter representing 4% of the total number of establishments.
“In other words, smaller companies, which individually employ fewer than 50 people, total 50,714 establishments, covering 96% of the total number of companies established in Puerto Rico. This proportion changes when we talk about covered private employment, according to the latest information provided by the Quarterly Census of Employment and Wages (QCEW),” Alemañy González added.
The average number of jobs covered in the private sector, also during the first quarter of 2024, was 744,825, of which 328,803 jobs or 44% correspond to people who work in establishments with fewer than 50 employees, and 416,022, 56%, work in private companies with payrolls of 50 employees or more.
The news came a day after the International Monetary Fund issued a report stating that Puerto Rico and Haiti are declining economically.
최근 들어 저는 온라인 서비스 대부분을 스마트폰으로 이용하고 있습니다. 특히 계정을 통해 접근하는 플랫폼들이 많아지면서 로그인 시스템이 얼마나 중요한 요소인지 체감하게 되었습니다. 단순히 접속하는 단계처럼 보이지만 실제로는 보안과 데이터 관리가 함께 포함된 구조라는 점이 인상적이었습니다. 관련 정보를 찾던 중 https://kr.1xbet.com/ko 에서 플랫폼 전반의 구조를 살펴보게 되었고, 이를 통해 사용자 인증 과정과 서비스 접근 방식에 대한 이해도가 높아졌습니다. 이런 시스템은 단순한 편의 기능이 아니라 전체 서비스 경험을 좌우하는 핵심 요소라는 생각이 들었습니다.
For me, the primary attraction to an already operating business was sidestepping the administrative quagmire often associated with establishing a foreign entity presence here; that upfront time saving is huge for capitalizing on market windows. However, the crucial differentiator between a successful purchase and a costly headache lies entirely in the pre-acquisition scrutiny of the existing structure. SORP tourism license in uae Group’s expertise really shone in assessing the true economic longevity—not just relying on historical sales figures, but looking at the structural integrity of their licenses and agreements under current UAE governance. They ensured that the contracts, supplier agreements, and even employee structures were all legally sound for seamless continuation, making sure that inheriting the business meant inheriting its…
I wanted to share a positive experience we had with a specialized search firm. We were struggling to find a truly qualified CTO for our Series B fintech startup. Generic recruiters kept sending us candidates who looked good on paper but didn't understand the specific challenges of a regulated, high-growth environment. A fellow founder insisted we talk to icon partners. The difference was night and day. From the very first conversation, it was clear they operate on a different level. They took the time to deeply understand our technology, our business model, and—most importantly—our company culture. They presented a meticulously curated shortlist, and every single candidate was a serious contender. The person we hired has been a complete game-changer for…
Small businesses play a vital role in the economy, fostering innovation and community engagement. One essential tool for these enterprises is the receipt thermal printer which streamlines transactions and enhances customer service. These printers produce high-quality, fast receipts, minimizing wait times and improving the checkout experience. Additionally, they reduce paper costs, as thermal printers often require no ink, making them an eco-friendly option. As small businesses continue to adapt to changing consumer preferences, investing in efficient technology like a receipt thermal printer can help them stay competitive and provide a seamless shopping experience that keeps customers coming back.