As part of an economic development initiative with special focus on business development in special communities, as well as to promote the establishment of a model toward economic self-sufficiency, the Economic Development Bank and the Office the General Coordinator for Socioeconomic Financing (OFSA) formalized a partnership to establish a line of support for small businesses that sprouting in those areas.
“This alliance will provide small businesses access to financing and advice that will allow residents of the special communities to start their microenterprises,” said EDB President Joey Cancel-Planas. “Providing an opportunity for growth for these emerging entrepreneurs contributes to our mission.”
The EDB and OFSA will establish the necessary requirements so the evaluation and financing for micro-entrepreneurs is agile, simple and fair, focused on efficiency and in accordance with laws and regulations, executives said.
Through this partnership, the OFSA will offer orientation on setting up a business, the preparation of proposals and business plans, refer and certify applications for funding to the EDB, identify potential new entrepreneurs, provide support and monitoring to companies in development and operations, and support microentrepreneurs to complete processes with the EDB.
Meanwhile, the EDB will be using a fund, which according to Law 265 has several purposes — to further children and elderly care centers, centers for multiple activities for the Elderly, among others. This fund has $2.2 million available, which are aligned with this initiative.
The EDB will make available financing tools, as cases are identified, through its headquarters in San Juan and various special communities. It will also follow up on cases to complete any required documentation, assess and analyze the proposals for funding, and manage the presentation of cases for decisions.
“We appreciate the EDB’s work to provide support to residents of the communities we serve; this effort will result in strengthening their projects and bring them to succeed and improve the quality of life in their communities,” OFSA Coordinator María Lourdes Rivera.
The EDB will also provide trainings related to the benefits of a number of existing laws for job creation, financing and small business development. The partnership will be in effect through December 2018.