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Governor announces incentive for SMEs in Puerto Rico

By on December 12, 2017

SAN JUAN – Gov. Ricardo Rosselló announced that some 525 companies could benefit from mechanisms to promote their financial growth, expansion and competitiveness, through a $400,000 incentive from the Special Fund for Economic Development of the Economic Development and Commerce Department (DDEC by its Spanish acronym) granted to the Small Business and Technology Development Center (SBTDC) of the Interamerican University of Puerto Rico (UIPR its Spanish initials).

Economic Development Secretary Manuel Laboy explained that the funds will be allocated to three specific programs provided by the center. The recipient programs are the Financial Growth Program, which provides counseling to established or in-process businesses, as well as specialized financial training.

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There is also the Technology and Innovation Program, to promote the commercialization of new technologies, foster research and development, and drive the local technology industry’s growth.

The third will be the Global Business Competitiveness Program ifor growing businesses to reach the highest level of success and are prepare to innovate, export and form part of international commerce.

The center will also help in the process of taking out patents to protect intellectual property; and will assist Puerto Rico Industrial Development CO. (Pridco) customers and other referred, continuing the alliance that exists between the public corporation and the SBTDC since 2003.

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“This incentive will provide multiple opportunities for entrepreneurs and small and midsize businesses to get up to date and have tools to expand their operations and export. Without a doubt, this is another step toward the recovery of our island.”

DDEC secretary stressed that “the more entrepreneurs benefit from these programs, in a new rebirth of their businesses, more jobs will be created and the Puerto Rican economy will be strengthened.”

“Now, more than ever, we must unite to transform the country’s business, the backbone of our economy,” UIPR President Manuel Fernós stressed. “Therefore, we are making available all of our expert consultants at the Small Business and Technology Development Centers at the Arecibo, Caguas, Fajardo, Ponce, San Germán and San Juan campuses.”

“Facing the crisis caused by the hurricanes Irma and María, more entrepreneurs need tools and solutions to refocus and improve their global competitiveness. The Puerto Rico SBTDC is available to help businesses with resources, consultants and special programs certified by the federal government [Small Business Administration],” added the executive director of the SBTDC, Carmen Martí.

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