EDB signs agreement to support construction sector

By The Star Staff

Economic Development Bank for Puerto Rico (EDB) President Carmen Vega Fournier announced on Tuesday the renewal of a strategic alliance with the Construction Materials Merchants Association (ACMC by its initials in Spanish) to continue supporting the building materials sector through access to financing alternatives, guidance and tailored solutions for daily operations.

ACMC President Fabio Quevedo formalized the collaborative agreement during a recent visit to the EDB office in Altamira, San Juan, where he met with Vega Fournier.

“Our collaboration with the ACMC is part of a broader strategy and reflects the EDB’s commitment to directly support key sectors driving the island’s economy. Small and medium-sized enterprises (SMEs) are fundamental to our economy, and assisting them with financing is essential for their establishment, sustainability and growth,” stated Vega Fournier, who is also a certified public accountant. “Through these alliances, we promote local entrepreneurship and job creation.”

In line with this strategy, the EDB recognizes the important role that construction plays in the island’s economic progress and infrastructure. By renewing the alliance, it will provide specialized support to the industry and its merchants, many of whom are family businesses and high-potential SMEs. Their contributions are regarded as crucial to Puerto Rico’s economic development.

“We are very pleased to resume our collaborative agreement with the EDB as we aim to support our members who are looking to create new businesses or expand existing ones,” Quevedo said. “We offer financing alternatives, including direct loans or lines of credit. This effort focuses on generating value for our members through a range of alliances that enhance our portfolio of benefits.”

ACMC merchants and members will continue to have access to financing options through the EDB, starting at an annual interest rate of 4%. The funds can be used for working capital, purchasing machinery and equipment, making improvements, or building facilities, among other eligible purposes. Additionally, the EDB will provide the ACMC with a team of contractors offering free technical assistance and personalized advice during the application process for federal loans.

“We are strategic allies committed to serving building materials retailers. The renewal of our alliance demonstrates our dedication to understanding and addressing the real needs of retailers,” Vega Fournier said. “Presenting our financing options directly to SME owners is vital, as they drive the economy from their warehouses, stores and communities, contributing to greater stability and economic development for Puerto Rico.”