By The Star Staff
In coordination with a visit by officials from the U.S. Treasury Department to the Economic Development Bank for Puerto Rico (BDE), the bank’s president, Luis Alemañy González, announced on Thursday the launch of the “Impulso a Tu Negocio” program in support of small and midsize entrepreneurs in Puerto Rico.
The initiative draws on $109.3 million of funding received by the EDB from the State Small Business Credit Initiative (SSBCI), a program that authorizes the Treasury Department to allocate federal funds to capitalize local small business support programs.
“Part of these funds will be used in three distribution modalities,” Alemañy González said. “First, a matching program with commercial banks and credit unions. Second, completing the collateral that the business needs so that a cooperative or bank can make financing viable. Third, through the BDE’s venture capital program, either in participation with investors or directly with the business project.”
Of the total funding, the EDB will use 60% through the first two modalities, while 40% will be allocated to venture capital proposals.
“For Governor Pedro Pierluisi, small and medium-sized businesses are vital in all sectors of Puerto Rico, so we are focused on continuing to identify all the tools that can promote their growth,” Alemañy González noted. “Local companies are fundamental to our economy, so they count on us to continue supporting them and continue to progress and develop their businesses successfully.”
The Treasury Department officials who visited the EDB were: Samantha Asker, SSBCI program outreach manager; Jeff Stout, director of the Finance Program Office; and Ron Kelly, SSBCI outreach lead. Interested parties can request financing through the website: www.bde.pr.gov.