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BDE to allocate $20M to foster local manufacturing, exports

Puerto Rico Manufacturing Extension (PRiMEX) and the Puerto Rico Economic Development Bank (BDE, in Spanish) have joined forces to support the island’s businesses through a collaborative agreement that will make $20 million available to support competitive growth of small and medium-sized industries.

Participating businesses will get assistance in financial aspects and integrated services aimed at promoting and strengthening manufacturing, PRiMEX Executive Director Ramón Vega said.

“We have established a strategic alliance for the benefit of manufacturing companies, so that we can improve the competitiveness of local industry, promoting financing alternatives and opportunities to access capital, contributing to the economic development of our island,” Vega said.

Both institutions seek to strengthen public policy aimed at promoting the development of a stable and self-sustainable economy, while contributing to human development and social responsibility.

BDE President Luis Alemañy said the agency is allocating $20 million, out of the $109.3 million approved by the U.S. Treasury Department, to encourage local manufacturing and exports.

“Manufacturing is one of the main pillars of our economy, representing 48% of Puerto Rico’s Gross National Product, which thanks to technology and the globalization of services now has greater capacity for expansion and benefits for our entrepreneurs and for the development of Puerto Rico,” he said.

“The year 2022 closed with a total of 85,300 manufacturing jobs. This placed us at 2010 employment levels and reflects a growth of 7.4%, which compares very favorably with the growth of manufacturing jobs in the U.S. which was 3.8%,” Alemañy noted, adding that 2022 also closed with a total of 2,039 establishments engaged in manufacturing, 5% above the close of 2021 and reaching 2011 levels.

“Our role at the BDE is to facilitate financial alternatives and accessible integrated services, so that small and medium-sized businesses, as well as emerging entrepreneurs, have the economic and human resources to make their projects a reality and set them on the path to sustainability and success,” he said.

“Thanks to this alliance with PRiMEX, we plan to reach more people with high-potential businesses that are unable to materialize due to lack of financing,” Alemañy said.

The alliance proposes, among other benefits, to cover direct loans or lines of credit with the BDE for up to $1 million. PRiMEX will support in the promotion of the services and financing programs.

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This story was written by our staff based on a press release.

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