Puerto Rico Economic Development Bank offers business-continuity loan
SAN JUAN – The Economic Development Bank for Puerto Rico (BDE by its Spanish initials) announced it is now offering a new financing product aimed exclusively at helping small and midsize businesses avoid business interruptions caused by emergencies such as hurricanes.
In a release issued over the weekend, BDE President Luis Burdiel said the new loan was designed “based on the experience of a high number of local businesses after the passage of Hurricane Maria last year. Many of them were not prepared with the necessary equipment to reactivate their operations after the atmospheric event. This new loan is designed to facilitate access to capital so that small and midsize businesses can be prepared and preserve their business continuity.”
Burdiel explained that the new loan product is capped at $50,000 and has a repayment term of no more than five years, with no penalties for prepayment of the loan. The final term will depend on the applicant’s repayment ability.
The loans may be used for working capital, purchase of equipment such as water storage tanks, electric generators or other equipment needed to continue business operations, as well as property improvements and other specific uses.
The institution has quickly approved nearly $2.3 million in commercial loans to various small and midsize businesses affected by Hurricane Maria, according to the release, which adds that the BDE has approved financing that totals more than $7.3 million from October 2017 to July 2018, achieving the “retention of over 800 jobs and the creation of 564 jobs.”
The government-owned corporation also offers up to $1 million in financing to entrepreneurs in the manufacturing, commerce, tourism, agriculture, service and other sectors.
For more information, call the BDE’s new-business department, at 787- 641-4300, extension 1408, or write to email@example.com.