Caguas launches small business recovery loan program
The Caguas municipal government announced the availability of funds for emergency loans to the town’s small businesses, said Central Eastern Development Bank Executive Director Adrián Muñiz-Mariani.
The entity known as BADECO for its initials in Spanish will be responsible for granting commercial emergency loans to city business owners, as part of a series of municipal initiatives to help the commercial sector recover from income losses due to the public health measures imposed to combat the spread of the COVID-19 virus.
“Although we began to work on this type of loan as a result of Hurricane María, this time in agreement with the Caguas municipal administration we have revised its conditions because the COVID19 pandemic so warrants it. We want Caguas’ businesses to recover as quickly as possible from this difficult period,” Muñiz-Mariani said.
BADECO will provide emergency commercial financing of up to $4,000, at 1% or 2% interest, for operational expenses of businesses in Caguas that suffered loss of income due to the COVID-19 pandemic. In addition, the loans will have a moratorium of three to six months from after Gov. Wanda Vázquez lifts the emergency order in place establishing a lockdown and curvew through April 12.
In addition, providing their location, businesses must present evidence of loss of income due to the COVID19 pandemic, merchant registration, among other documents requirements by law. The use of the funds will be restricted to operational expenses, such as payroll, and rent, among others.
For information, call 787-337-8833 or 787-944-4702. Interested parties may also send an email to [email protected].
