Sunday, August 9, 2020

Seminars on export incentives for Puerto Rico businesses announced

By on August 14, 2017

SAN JUAN – The executive director of the Puerto Rico Development Co. (Pridco), Manuel A. Laboy, called on the owners of companies assisted by the agency to participate in new seminars to learn about special export incentives the government has available.

Titled “Potencia tus oportunidades” (Power your opportunities), the seminars will be held Aug. 23, 29 and 31 in San Juan, Ponce and Arecibo, respectively.

“The objective of this initiative is to reach out to Puerto Rican entrepreneurs, to let them know about the special government incentives available for exports, such as for marketing activity and shipping abroad, from the Special Fund for Economic Development [FEDE by its Spanish acronym] and the Economic Incentive Fund [FIE] that Pridco administrates,” Laboy said.

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The official stressed that the effort is part of the public policy of Gov. Ricardo Rosselló to provide small and midsize businesses with tools to continue to grow.

“We will present how these incentives, requirements and eligible activities work. In addition, we have invited representatives of companies that are currently exporting to share their experiences with the participants. The available support tools for exporters will be presented through the Puerto Rico Small Business & Technology Development Center,” the Economic Development secretary added.

Laboy said the Marketing Incentives Program was allocated $850,000 for fiscal year 2018.

“The qualifying local company can receive a 50% reimbursement of the expenses incurred in the promotional campaign of their products or services [and] could receive up to $50,000 in matching funds if its annual sales don’t exceed $10 million, and [can request] up to $30,000 if annual sales are less than $100,000,” he explained.

The other special incentive, for shipping abroad, was assigned $200,000 for the current fiscal year.

“This incentive is granted to eligible companies and reimburses 20% of the transportation costs of products, up to a maximum of $2,000 per shipment [by land, sea or air]. The amount to be granted per company will not exceed $50,000 for the transportation of products from any point of embarkation in Puerto Rico to their disembarkation points. The companies that export can request the incentive up to a maximum of three years in consecutive or sporadic periods if they demonstrate they achieved growth in exports and employment,” he added.

“We urge all entrepreneurs from companies under the Pridco program interested in exporting goods and services to participate in these seminars to enhance the opportunities of their business,” Laboy said.

In San Juan, the seminar will be held at Pridco headquarters, on 355 F.D. Roosevelt Avenue in Hato Rey, from 9 a.m. to noon. In Ponce and Arecibo, they will be given at the Puerto Rico Small Business & Technology Development Center in Universidad Interamericana.

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