Puerto Rico will receive up to $109 million in funding from the U.S. Department of Treasury under the State Small Business Credit Initiative in President Joe Biden’s American Rescue Plan.
More than $6 billion in funding has been approved to support small businesses and entrepreneurship, with $300 million in technical assistance also available, according to a Feb. 9 Commerce Department news release.
“I'd like to thank our federal partners at Treasury for this necessary investment that will help the backbone of the Puerto Rican economy: small businesses and entrepreneurs. This opportunity helps ensure that all businesses in every corner of the archipelago, especially small and disadvantaged businesses, can participate and benefit,” Deputy Secretary of Commerce Don Graves said in the release.
Puerto Rico’s public policy goal is to capitalize its Economic Development Bank to expand the ability to promote the development of new businesses and the expansion of existing ones, Gov. Pedro Pierluisi said, according to the release. He thanked the Biden administration and the Treasury Department for providing the funding to the Puerto Rico Economic Development Bank to help grow Puerto Rico’s economy, “creating more jobs and opportunities for the American citizens of Puerto Rico.”
The empowerment of entrepreneurs and small businesses in underserved communities is critical to advance the shared vision of a more equitable economy, U.S. Deputy Secretary of the Treasury Wally Adeyemo said in the release. The announcement made with the Department of Commerce and government of Puerto Rico underscores the administration’s commitment to the people of Puerto Rico and the goal to help create economic opportunity for them.
