The Economic Development Bank (BDE) announced this Wednesday that it launched the Impulso a tu Negocio program, which will provide credit lines with interest rates between 4% and 8% for the development of new businesses, informed its president Luis Alemany González.
The investment was made possible after receiving $109.3 million from the Treasury Department’s State Small Business Credit Initiative (SSBCI) program.
Alemany González specified at the launch of this Impulso a tu Negocio that 5 million dollars have been set aside for the development of business in three important areas of San Juan: the urban center of Río Piedras, the area of Placita de Santurce and Loíza street.
“What we are promoting is that today there are 100 average facilities, this can continue to expand,” he said during a press conference held at the BDE headquarters in San Juan.
He noted that most of the businesses located in San Juan are focused on restaurants, shops and gas stations. He explained that now they seek to attract new establishments in order to meet the needs of consumers.
“After gastronomy is established, traffic is established and what is happening, ‘beauty’ is needed, another ecosystem that can support economic development,” he explained.
Alemany González explained that this launch was made in San Juan, because it is necessary to identify with each municipality that needs development and the areas where it would encourage them to attract small and medium businesses.
“The program is an excellent opportunity for small and medium-sized entrepreneurs in Puerto Rico who are looking for help to grow their business. BDE hopes that it will have a positive impact on the local economy and help strengthen the business sector on the island,” he said.
The official warned that 20 million dollars have also been set aside to allow companies to export their talent or manufacturing, as well as to expand their business. As an example, he spoke of Toro Verde’s proposal to establish new businesses, including the development of the Science Park.
As part of the announcement, the mayor of San Juan, Miguel Romero Lugo, expressed that “we are very happy that BDE has allocated $5 million in the Impulso a tu Negocio program for the development of merchants in key areas of our city. This is a great step to strengthen the local economy and support small and medium businesses. We thank BDE for its commitment to the development of San Juan and look forward to continuing to work together on similar initiatives in the future.”
For his part, the director of the Tourism Company, Carlos Mercado, said that the investment proposed by BDE will help boost tourism in the areas.
He stated that in Placita de Santurce they are developing three hotels that can benefit from this program.
In essence, Impulso a tu Negocio would provide “financing that allows you to move forward.”
Alemany González points out that the interest given is low, compared to the increase recorded in the last year.
“We at the bank periodically review the interest rate and make sure it costs you less,” said the banker.