Entrepreneurs urged to request incentives to develop innovative businesses in Puerto Rico
SAN JUAN — Puerto Rico Industrial Development Co. (Pridco) Executive Director Manuel Laboy announced Monday that entrepreneurs who qualify for financial incentives to develop small and midsize businesses may request them until March 31.
“As part of the efforts by Gov. Ricardo Rosselló to foster the development of PyMEs [small and midsize businesses], one of the sectors that has suffered the most economic impact in recent years, we are announcing that the Program to Strengthen Innovative PyMEs has capital from Pridco’s Special Fund for Economic Development (FEDE), which will be disbursed during the current fiscal year for this first phase.
“We urge all business owners who want to operate, expand, commercialize and internationally export their innovative products based on science and technology, to submit their application, business plan and other required documents so they may receive up to $100,000 in incentives. The contribution they receive will help them put their business growth plans on track, which will have a positive impact on the Puerto Rican economy,” Laboy, who is also the Economic Development secretary, in a statement.
The official explained that an Evaluating Committee composed of three finance, business plan, research, development, technology and innovation experts will meet at the beginning of April to review the applications. Applicants are expected to receive information about the results four to six weeks after the filing date.
Companies with gross sales of less than $3 million may apply. Among the documents required are the resume of the “business owners/chief executives,” certification of courses taken that are related to the company, the owners’ credit report, a three-year business projection plan, a proposal, additional documents (if operating for more than a year), and the company’s financial statements.
Applicants who have been operating for less than three years must have received training or have business experience. For example, with programs such as incubators and accelerators (at least six months of participation or a full cycle if the program works by cycles), Grupo Guayacán programs, at least Phase 1 of a Small Business Research Grant (SBRG) or another program approved by the evaluating committee.
For more information, email email@example.com or call 787-758-4747 ext. 3379 or 3331.