SBA: Opportunity Zones will lead to much needed jobs
SAN JUAN – The Small Business Administration (SBA) said that President Trump’s signing Friday of an Executive Order establishing the White House Opportunity and Revitalization Council, which will be chaired by Housing Secretary Ben Carson and comprise 13 federal agencies, including the SBA, will result in engage,ent “with all levels of government on ways to better spur economic development and job creation by encouraging long-term investments in distressed communities” across the United States.
The SBA is the federal government’s resource and support agency for small businesses. Through its field offices and partnerships with public and private organizations, it also aids in the recovery from disasters.
Created by the 2017 Tax Cuts and Jobs Act, the Opportunity Zones tax benefit is designed to encourage investments in low-income areas.
“Nearly 35 million Americans live in communities designated as Opportunity Zones and today’s executive order underscores our commitment to long-term investment that drives sustainable economic revitalization in our communities who need it the most,” SBA Administrator Linda McMahon said in the agency’s release.
SBA’s district director for Puerto Rico and U.S. Virgin Islands, Yvette Collazo, added: “Puerto Rico was designated as an Opportunity Zone in its entirety earlier this year. By attracting new investors to the island, we are giving our distressed communities a much-needed boost. At SBA, we are committed to continue working with lenders, resource partners, the local government and other economic development organizations to revitalize our economy and help create jobs.”