36 Puerto Rican companies to participate in upcoming pre18 accelerator program
June 17, 2019
Parallel18 (P18), a global business accelerator operating since 2015, announced the selection of 36 Puerto Rican companies that will participate in its pre-acceleration program, pre18. The companies will be part of a 12-week training curriculum, and each will receive a $20,000 grant for their projects. This initiative that was created after Hurricane María to support […]
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P.R. housing market on the mend after Hurricane María
June 14, 2019
Puerto Rico’s housing market improved between 2017 and 2018, after recovering from the impact of Hurricane María, showing a 78% increase in new homes sale and an 17% increase in previously owned homes, a study by the Estudios Técnicos research firm showed. However, despite the current improvement, Puerto Rico’s housing market will have to create […]
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Community Health Centers were lifesavers after hurricane, but gov’t didn’t count on them
June 14, 2019
By Mc Nelly TorresCenter for Investigative Journalism Three days after Hurricane María, Isolina Miranda stared in disbelief at what was left of the two-story building where a community health center once stood in the heart of San Lorenzo, a town of 37,000 people in the eastern central region of the island. Miranda is the executive […]
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PRIDCO reaches deal to restructure $165M in debt with bondholders
June 14, 2019
The government of Puerto Rico announced it has entered into a restructuring support agreement for $165 million in Puerto Rico Industrial Development Company debt with GoldenTree Asset Management, holder of over two-thirds of the agency’s outstanding revenue bonds. The RSA contemplates a financial restructuring of the PRIDCO Bonds through a Qualifying Modification under Title VI […]
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Dept. of Agriculture to require expiration date for imported, local egg starting in July
June 14, 2019
With the consensus of the island’s organized egg production sector, Agriculture Secretary Carlos Flores-Ortega, signed a new administrative order to require that all local and imported egg containers carry an expiration date effective July 1, 2019. At present, the imported product only contains the date when the eggs were packaged, with no expiration date for […]
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Hotel room tax collections reach ‘record levels’ in April at almost $7M
June 13, 2019
Hotel room tax collections reached nearly $7 million in April, the highest in the history of the levy for that month, Puerto Rico Tourism Company Executive Director Carla Campos said. In April 2019, collections totaled $6.96 million, a figure that reflects an increase of more than $500,000 when compared to collections for April 2018, and […]
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Famous Dave’s restaurants disappearing from P.R. market
June 13, 2019
Grupo Colón Gerena, franchise license holders for the Famous Dave’s restaurants in Puerto Rico, confirmed that the chain will disappear from the local market, and will be transformed into Olive Garden eateries. The transformation is the result of recent market assessments and studies, which revealed consumers’ desire for more Olive Garden on the island, said […]
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Truenorth tech solution for Treasury Department featured in IBM case study
June 13, 2019
IBM recently highlighted Truenorth Corporation in a case study about a technology solution the Guaynabo-based company worked on for the Puerto Rico Treasury Department in the aftermath of Hurricanes Irma and María. Truenorth, along with IBM partner PSR, helped the Treasury Department develop and implement a continuous availability solution that is based on IBM z14 […]
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MIDA’s Consumer X-Ray shows a 5% year-over-year drop in grocery spending
June 12, 2019
The amount of money consumers are spending on groceries a month dropped to $422, a fall of 5% versus the expenditure reported in 2018, similar to that recorded in 2015, according to the study released by the Chamber of Marketing, Industry and Food Distribution, or MIDA, as the trade group is known for its initials […]
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USDA Rural Development OKs $53K in grants for 4 energy projects in P.R.
June 12, 2019
USDA Rural Development is awarding 58 grants for projects in 17 states and Puerto Rico to reduce energy costs for farmers, agriculture producers and rural-based businesses and institutions. Four projects in Puerto Rico will receive a combined $53,000, the USDA revealed. USDA is providing the grants through the Rural Energy for America Program (REAP). Congress […]
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DMO: P.R. booms as ‘most LGBTQ+ friendly destination in Caribbean’
June 12, 2019
Within the celebration of PRIDE month, Destination Marketing Organization Discover Puerto Rico announced it is strategically positioning Puerto Rico as the “LGBTQ+ capital of the Caribbean” by leveraging the island as the most welcoming, inclusive and safe vacationing spot in the region for this community. Puerto Rico holds the most metrics of advancing civil liberties […]
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Study: 12% of U.S. mainland-born P.R. residents left island post-hurricane
June 11, 2019
The population born in the U.S. mainland residing in Puerto Rico is estimated at 166,000 — a number that was reduced by 12% between 2010 and 2017, according to a study released by the Censal Information Center, at the University of Puerto Rico in Cayey. The research presents a description of demographic and socioeconomic variables […]
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Pact calls for restoration of telecom services 1-6 days after an emergency
June 11, 2019
The Puerto Rico Telecommunications Bureau and the Puerto Rico Electric Power Authority signed an agreement through which they will work with service providers to expedite the restoration of services in the wake of an emergency. The agreement establishes a mechanism that assigns priority levels to energizing critical telecommunications facilities divided into three timeframes — between […]
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Oriental grants $2.8M loan to Evinmotors
June 11, 2019
In keeping with its commitment to small businesses, Oriental granted a loan of some $2.8 million to Evinmotors, for the purchase of a commercial property that will become its new headquarters. The loan was granted under the Small Business Administration’s 504 program, jointly with the Marketing Small Business Finance Corp. Evinmotors is a company dedicated […]
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Several P.R. nonprofits, airline, hotel appoint new execs
June 11, 2019
In this edition of “Climbing the Corporate Ladder,” the list includes new executive appointments at several Puerto Rico-based nonprofit organizations, an airline and a hotel. Liberty Foundation names new executive directorThe Board of Directors of Liberty Foundation announced the appointment of Yadira Valdivia as executive director, with the principal objective of expanding the foundation’s reach […]
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