Community Development Venture Capital Alliance to Invest $100 Million in Puerto Rico
SAN JUAN — Last week, former President Bill Clinton and former Secretary of State Hillary Rodham Clinton convened more than 500 leaders from across the Caribbean from government, business and civil society at the fifth meeting of the Clinton Global Initiative (CGI) Action Network on Post-Disaster Recovery.
At the meeting, participants discussed the recovery efforts in the region and announced projects that address critical issues such as food security, access to health care, small business support, and solar energy. Among them was a commitment by the Community Development Venture Capital Alliance (CDVCA) to investing $100 million to contribute to “a thriving business finance ecosystem and grow the economy in Puerto Rico,” according to a press release.
CDVCA said it will invest the funds in Puerto Rican “venture capital, private equity and mezzanine debt funds, as well as directly” into Puerto Rican businesses.
Regarding partnership opportunities, the nonprofit organization says it “would be very happy to have grant capital to support our broader capacity building activities in Puerto Rico. We are offering $100 million in risk capital to Puerto Rican funds and businesses. We are also offering technical assistance, as well as data gathering and analysis regarding financial and social impacts of the funds.”
Through the investment of the funds by the CDVCA, 615 businesses will be “supported, grown, or created in Puerto Rico, and, as a result, 12,000 jobs will be added to the economy, the vast majority of which will be in new small and medium enterprises and entrepreneurial ventures,” according to the organization.”
Through the investment of the funds, the CDVA said “615 businesses will be supported, grown, or created, and, as a result, 12,000 jobs (10,000 full-time jobs and 2,000 part-time jobs) will be added to the economy, the vast majority of which will be in new small and medium enterprises and entrepreneurial ventures.”
The organization is hiring a senior CDVCA staff member to open the first CDVCA office in Puerto Rico and meet its investment targets over the next five years.