Monllor Capital Partners LLC announced that the Puerto Rico Opportunity Zone Fund, LP private equity fund has made an undisclosed investment in Mayagüez-based Fusion Farms, a vertical indoor aquaponic farm developer and operator. The Puerto Rico Opportunity Zone Fund (PROZ) is reportedly the first private equity firm fund focused on Environmental, Social, and Governance (ESG) […]
The US Department of Treasury and the IRS released the final regulations related to the Foreign Tax Credit under Act 154, which grants an additional transition year to taxpayers who currently pay under that tax system, Puerto Rico Treasury Secretary Francisco Parés confirmed. “The provisions in the regulations, regarding Puerto Rico, are the product of […]
The Puerto Rico Education Department and the Milk Industry Promotion Fund signed an agreement through which the agency will invest $12 million to distribute fresh milk to the island’s public-school lunchrooms. The agreement will be in effect through Sept. 30, 2024 and complies with federal regulations that require offering five food components to lunch service […]
The US Department of Agriculture announced it is accepting applications for loans to support economic development and create jobs for people in rural areas, under the Intermediary Relending Program. The initiative provides a low-interest loan to local lenders or “intermediaries” that re-lend the funds to businesses to improve economic conditions and create jobs in rural […]
Fourteen small businesses in the town of Vega Baja will receive grants of up to $50,000 each for a total of $659,112, town Mayor Marcos Cruz-Molina announced. The funding comes following an alliance between the municipality, the Puerto Rico Economic Development Bank, and the Community Socio-Economic Institute (INSEC, in Spanish). The first entrepreneurs who each […]
While the Federal Emergency Management Agency (FEMA) maintained a fast-paced obligation of funds last year, construction work leads the way toward the revitalization of many communities throughout the island, the agency said. To date, FEMA has allocated more than $25.7 billion in federal funds, of which more than $19 billion are for permanent work. Hundreds of projects […]
The Puerto Rico Association of Small Inn Owners and Tourism are expecting challenges in 2022, for which they will try to encourage a greater movement of non-resident travelers to the regions outside of San Juan and increase the presence of the group and convention segment in the Porta del Sol and Porta Caribe. “This year […]
Looki g to strengthen their business models, FirstBank together with INprende graduated 123 entrepreneurs from the third edition of the 1Éxito program. The students participated in five free virtual training sessions on topics related to business development. In addition, for completing the 1Éxito program, they received certificates to open a commercial account at FirstBank without […]
All seven Florida Technical College (FTC) campuses located in the southern state of Florida will now operate under NUC University, the college announced. With this last step, the institution will have unified all its education units and will complete the launch of its rebranding that started early 2020 in Puerto Rico. FTC offers 19 academic […]
The Airbnb short-term rental platform confirmed that two hosts in Puerto Rico stood out among the list of hosts who in 2021, during the COVID-19 pandemic innovated and provided better hospitality and boosted safety and hygiene protocols to guarantee comfort and well-being for their guests. Airbnb took on the task of finding the most prominent […]
The Oracle of Ohama Warren Buffet cleverly stated some words that will live forever “Despite some severe interruptions, our country’s economic progress has been breathtaking. Our unwavering conclusion: “Never bet against America.” This statement was part of Berkshire Hathaway’s annual report letter written by Mr. Buffet that has become a yearly event. With the mantra […]
MCS, through its MCS Conexión de Salud program, recently awarded more than $12 million in performance bonuses, distributed among pharmacies and hospitals in its provider network recognized for their “outstanding” performance related to the health and well-being of the patients they serve. “Despite the challenges the healthcare community has faced during the pandemic, the hospitals […]
The Puerto Rico Electric Power Authority (PREPA) has selected health insurer MMM as its new provider, effective Jan. 1, 2022, the companies announced. MMM will offer services in partnership with First Medical, which represents “an unprecedented agreement” that will allow the public corporation’s retirees and employees to benefit from integrated medical care with innovative benefits. […]
Puerto Rican business intelligence and technology firm Fusionworks won the North American “Partner of the Year” award from Prophix, a corporate performance management (CPM) software developer that provides solutions for the consolidation of financial processes. Ahead of its 20th anniversary, Fusionworks was selected from hundreds of firms in North America, it confirmed. “As 2021 is […]
Braemar Hotels & Resorts, a real estate investment trust (REIT) focused on investing in luxury hotels and resorts, announced it has entered into a definitive agreement to acquire the 96-room Dorado Beach, a Ritz-Carlton Reserve in Dorado, for $186.6 million. The purchase price represents $1.7 million per key, including 14 luxury residences adjacent to the hotel […]
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