Banesco USA announced has been approved to participate in the U.S. Department of the Treasury’s Emergency Capital Investment Program (ECIP), for which it is eligible to receive an investment of up to $237.5 million. With the funds it will be able to increase lending to small and minority-owned businesses, and low- and moderate-income consumers in […]
The dream of homeownership became a reality for 12 families with the help of Habitat for Humanity of Puerto Rico, which delivered apartments worth a combined $1.9 million in Santurce. The investment was financed through a $50 million donation from biopharmaceutical company AbbVie. The project located on Ponce de León Ave. included the acquisition, rehabilitation, […]
Following five weeks of open calls and an extensive and competitive evaluation process, parallel18, an organization that belongs to the Puerto Rico Science, Technology and Research Trust, selected 28 Puerto Rican companies that will participate on the fourth generation of the local pre-acceleration program pre18, starting Jan. 24, 2022. With the slogan “Sácala del parque” […]
The Puerto Rico Treasury Department confirmed that despite the need of more staff, close to 1.2 million income tax returns for individuals and corporations for taxable year 2020 have been processed, which represents 99% of the total returns filed. Of that total, about 1 million have received their refunds. “We have quickly disbursed close to […]
The Department of Economic Development and Commerce (DDEC, in Spanish) and the U.S. Small Business Administration are urging small and medium-sized enterprises (SMEs) and nonprofits to apply for the Economic Damage Disaster Loan if their operations have been hit by the effects of the COVID-19 pandemic before the Dec. 31 deadline. On Oct. 8, the […]
The US Department of Agriculture granted $38.5 million to nine projects in Puerto Rico, which will improve critical rural infrastructure, the agency announced. Through this funding, the US government hopes to help expand access to high-speed internet, clean water and reliable electricity in people’s homes and businesses across rural areas, it said in a statement. […]
The Puerto Rico Manufacturing Extension Inc. (PRiMEX) released two studies analyzing the state of the island’s manufacturing infrastructure, which concluded that more than 70% of 160 buildings inspected are still dangerous after the earthquakes that hit two years ago. The studies also showed that more than 85% of the small and medium-sized manufacturing companies on […]
The Department of Economic Development and Commerce (DDEC, in Spanish) has revoked 121 tax incentive decrees to Act 22 (now Act 60) beneficiaries who failed to submit annual reports to the agency, as the law required. Carlos Fontán, director of the DDEC’s office of business incentives in Puerto Rico, said in April, the agency began […]
Invest Puerto Rico (InvestPR), the island’s economic development organization, announced the launch of a new brand, a redesigned website and the new “Game-Changers, Welcome Home” campaign, an $4.7 million effort to “elevate the island as a business destination.” The media investment comes from an allocation of funds under the Department of Housing’s CDBG-DR program “dedicated […]
Puerto Rico’s New Year’s Eve countdown at the Convention Center District is expected to draw as many as 10,000 revelers, who will be required to be fully vaccinated against COVID-19 to participate, government officials said. In a press conference, Gov. Pedro Pierluisi and Convention Center District Authority Executive Director Mariela Vallines, said the “From Puerto […]
Following a year and a half at his post as Puerto Rico Labor Secretary, Carlos Rivera is stepping down for personal reasons effective Dec. 31, he confirmed in an interview with News is my Business. “I’ll be honest when I say that I had to manage an emergency and I wasn’t going to turn my […]
The Puerto Rico Labor Department will implement a new virtual platform for the island’s unemployment program — a $22 million project for which it has hired the firm Geographic Solution to work in collaboration with the Puerto Rico Innovation and Technology Services (PRITS) office. The new platform will be developed in phases and will be […]
The Condado Plaza Hilton will get back into the casino business, with the projected opening of a new 15,000 square-foot gaming space that will house 300 slot machines and dozens of gaming tables. The Condado Plaza Hilton, which shuttered its casino in 2015, got its endorsement from the Puerto Rico Gaming Commission, putting it one […]
In the high-tech world, security and privacy go hand in hand. If a device stores personal information, privacy depends on the gadget’s ability to keep secrets safe from intruders. In that sense, some of the playthings we give our kids as Christmas or birthday gifts may be spying on us. So, which toys should we […]
The Northwestern Puerto Rico Bio Manufacturing Cluster, led by the Department of Economic Development and Commerce (DDEC, in Spanish), is in the running for $100 million in funds available through the US Economic Development Administration’s “Build Back Better Regional Challenge.” The federal agency confirmed that 60 finalists have been short-listed for the program that has […]
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