Wednesday, November 20, 2019

Governor announces creation of 100 businesses in Puerto Rico after Hurricane María

By on December 28, 2017

SAN JUAN – Gov. Ricardo Rosselló and the executive director of the Puerto Rico Trade & Export Co. (CCE by its Spanish initials), Ricardo Llerandi, announced Thursday the creation of some 100 businesses after Hurricane María struck the island.

The new companies, which made a commitment to create 321 jobs, were benefiting from programs and incentives offered by the CCE as part of the Puerto Rico Emprende initiative, a platform strategies contained in Rosselló’s Plan for Puerto Rico to promote the development of more companies that can create jobs and compete locally and abroad.

The new jobs were certified through the Community Microenterprises and Direct Employment programs at the Urban Center; the Incentive Program for Young Entrepreneurs (Act 135); and through the Incentives for the Generation and Retention of Employment Law (Act 120).

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The new companies will benefit from expedited permits and certifications, receive financial incentives for operational expenses and the purchase of inventory, as well as payroll reimbursements, and exemptions from municipal, property and income taxes, among others.

The largest number of companies were created by people certified under the Incentive Program for Young Entrepreneurs (Act 135). They will endeavor in the food industry, graphic design, consulting services, distribution, agriculture and medical services, among others.

Most of the companies certified under Act 120 and that benefited from the direct employment program for urban centers are restaurants and others that will sell various products.

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Those that benefit from the Microenterprise Community program are in the food and beverage industry, cars part sales, handicrafts and electric power services, among others.

“The incentives created are part of the initiative of our Government, which remains focused on the creation of new small and midsize enterprises [SMEs], as well as in support of those recovering after the passage of hurricanes Irma and María,” Rosselló said in a release published by his office.

“Once again, the entrepreneurial spirit of Puerto Rico” demonstrates its “resilience, reinvention and strength when considering the number of companies that managed to establish themselves despite the onslaught of this atmospheric phenomenon,” Llerandi added.

 

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