BDE lends $1.35M to expand cardiology clinics in Puerto Rico
The Puerto Rico Economic Development Bank has approved $1,350,000 in financing to support the expansion of Puerto Rico Cardiology LLC, a move intended to bolster physician retention and reinforce the health sector’s role in Puerto Rico’s economy.
The loan was awarded to physicians Juan Nieves and Félix Álvarez through the government-owned corporation’s Physicians Financing Program. The funding will allow the cardiology practice to open two new offices in Manatí and San Juan, expanding beyond its current operations in Hatillo.
“The Physicians Financing Program is an economic development tool,” said Josué E. Rivera, president of the bank. “When we remove financing barriers, we ensure that investment translates into business growth, job creation and services that directly impact communities.”
According to the bank, the expansion is expected to improve access to cardiology services in both municipalities by increasing capacity and reducing wait times. Officials said the project also strengthens Puerto Rico’s health care infrastructure, a sector with a broad economic impact.
From an employment standpoint, the transaction is projected to create 10 new direct jobs, retain seven existing positions and generate an estimated 20 indirect jobs. The bank said the expansion will contribute to regional economic activity and support the island’s professional services sector.
A central component of the project is the integration of two early-career cardiologists who will oversee daily operations at the new clinics. The bank said this aligns the financing with public policy goals aimed at retaining specialized medical talent considered critical to Puerto Rico’s long-term economic competitiveness.
Nieves described the financing as a significant step for the practice.
“It is a great joy for us to have received help in making this dream a reality,” he said.
The financing process received technical support from the Puerto Rico Small Business and Technology Development Center, which assisted with preparing and organizing documentation for the loan application.
