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New small businesses expected to create over 200 jobs in Puerto Rico

By on April 3, 2018

SAN JUAN – Gov. Ricardo Rosselló announced Tuesday the certification of 75 new companies in Puerto Rico that will benefit from government incentives and that are expected to create more than 200 new jobs.

The executive director of the Trade & Export Co. (CCE by its Spanish initials), Ricardo Llerandi, explained in a governor’s office release that the new jobs were certified under the Community Microenterprises; Direct Urban Center Employment; Young Entrepreneurs Incentives (Act 135) and Incentives for the Generation and Retention of Jobs Law (Act 120) programs.

The programs and services are part of a government initiative to foster the development of local companies and spur job creation.

“In 2017, we launched ‘Puerto Rico Emprende,’ a business platform that seeks to promote more opportunities for the development of small and midsize enterprises to be competitive locally and thus foster, incentivize and facilitate the export of their products and services. To achieve this, we developed and implemented different initiatives and incentives, managing to impact over 750 Puerto Rican companies with a commitment to creating over 2,800 jobs,” Llerandi added in the release.

Some of the assistance the new companies will receive are economic incentives for operating expenses and the purchase of inventory; payroll reimbursements; municipal license fee, movable property and income tax exemptions; and expedited permitting.

“We remain committed to innovation, technology and training, all key ingredients for the development and strengthening of our small and midsize local businesses,” Rosselló said.

The announcement coincides with the Startup Academy training event, where the certified entrepreneurs participated in the “Canvas Empresarial” workshop, given by Katerina Sánchez of Grupo Guayacán, and developed to coach on how to determine strengths and opportunity areas of a business model to then develop strategies to take them further. Another workshop, “The Online Shopper Experience,” was given by  Millie Cortés of UPS.

The largest number of new companies, 55, was created and certified under the Young Entrepreneurs Incentives Program (Act 135).

“The experiences and circumstances we have had to experience as a people [in the aftermath of Hurricane Maria] have motivated more Puerto Ricans to see entrepreneurship as a real option to earn a living and for personal growth. To help them in that process, they can count on the CCE to turn that entrepreneurial dream into reality,” Llerandi added.


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