The Community Development Financial Institutions Fund awarded $5.5 million in technical assistance to 44 credit unions in Puerto Rico. The CDFI fund allocations are intended to reinforce credit union’s financial ability to develop products aimed at low-income populations with affected credit, young people with no credit history, and vulnerable communities that lack adequate access to […]
The US Department of Labor recently awarded the Puerto Rico Labor Department a little more than $2.4 million to help the agency detect and combat fraud in its unemployment insurance programs. The funds are part of a global $195.7 million allocation awarded to states and territories, and the District of Columbia, the federal agency said […]
Driftwood Capital, commercial real estate investment, development and lending platform specializing in hospitality, has acquired the Sheraton Old San Juan, a 240-room hotel and 27,500-square-foot retail complex in Old San Juan, it announced. The financial terms of the deal were undisclosed, News is my Business confirmed. “Driftwood intends to undertake a full-scale renovation of the […]
People 55 and older living in Puerto Rico experienced the most significant increases in internet access and digital media use, increasing from 62% in 2019 to 86.5% in 2021, while those 65 and over jumped from 28% to 43.6%. However, even with this jump of more than 657,000 people 55+ who are connected, gaps in […]
Invest Puerto Rico — a nonprofit investment promotion organization — confirmed that it was able to lock down commitments generating almost 5,000 jobs, with $270 million in capital investment for the island in Fiscal 2021. Those achievements will be included in the entity’s final report to be released in a few months, Ella Woger-Nieves, chief […]
EDITOR’S NOTE: This post is sponsored by Oriental bank. It has been a hard year for small and medium businesses (SMEs). The COVID-19 pandemic stopped the economy, and SMEs were the first to feel the consequences. Months with little to no activity can have a devastating effect on a business. Luckily, the Small Business Administration […]
Puerto Rico credit unions “have a great opportunity” for expansion with the growing Puerto Rican migratory flow to the US mainland, where they can also grab part of the Hispanic market that does not yet have banking services, according to a study by local analysis firm Estudios Técnicos. Other growth challenges for Puerto Rican credit […]
Federated Wireless, a shared spectrum and private network provider, announced it will be introducing the Citizens Broadband Radio Service (CBRS) in Puerto Rico and the U.S Virgin Islands to deliver service to the region’s Wireless Internet Service Providers (WISPs) and Mobile Network Operators (MNOs). With the buildout and deployment of its Environmental Sensing Capability (ESC) […]
The Federal Emergency Management Agency (FEMA) has allocated more than $1.2 million to make repairs to the facilities at the iconic Caja de Muertos Island Nature Reserve, located off Puerto Rico’s southern coast. Among the attractions of this protected natural area are the Pelícano beach and several educational offerings, such as talks or sea turtle […]
Despite the allocation of federal funds that exceed $62 billion, Puerto Rico’s recovery has faced multiple delays, and because a large portion of reconstruction projects are delegated to contractors, nonprofit Sembrando Sentido carried out a study on public contracting processes with Community Development Block Grant (CDBG-DR) funds, to identify the causes of the delays, their impact, and […]
Former University of Puerto Rico President Jorge Haddock and his wife, María A. Haddock, filed a lawsuit against the university’s Board of Governors, and other defendants with ties to the college, seeking nearly $5 million in compensation for early termination of his contract, and damages. The lawsuit filed at the US District Court for Puerto […]
Liberty Puerto Rico unveiled its new corporate identity, brand, logo, and slogan, as it completes the integration of AT&T, to now offer fixed, mobile, and television services for consumers and businesses in Puerto Rico. “For us at Liberty, every connection matters. By integrating mobile services into our product lineup, Liberty is now, the most complete […]
ORLANDO, FL — The growth of the Hispanic population, especially of seniors in Polk County, and recognizing the impact of COVID-19 on emotional health and wellbeing, has pushed Reliance Medical Centers to maximize its operations by providing specialized bilingual services and bringing well-being advisors as part of its big plans of expansion. Dr. Carlos Romero, […]
Real gross domestic product (GDP) increased 0.3% in 2019 after decreasing 2.4% in 2018, according to estimates released by the Bureau of Economic Analysis (BEA). The statistics released are BEA’s first official release of GDP for Puerto Rico. The release includes updated estimates for 2012 to 2018 that incorporate new and additional source data and […]
Puerto Rico Manufacturing Extension (PRiMEX) announced the start of this year’s “Manufacturing Week,” which is focused on promoting innovation, sparking interest of new and current generations in the industry, sharing best business practices, making experts available in key industry areas, promoting learning, and experiencing and developing new manufacturing trends for the future. The event follows the […]
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