Entrepreneurial women may borrow up to $15K from EDB
September 13, 2012
Gov. Luis Fortuño announced Wednesday the availability of a new financing tool that lets Puerto Rico's women entrepreneurs borrow of up to $15,000 to expand their businesses, as well as a scholarship fund to help them get ahead, professionally speaking.
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Roosy Roads Redevelopment Authority partners with SWA, DNER
August 22, 2012
The Roosevelt Roads Redevelopment Authority is partnering with the Puerto Rico Solid Waste Authority and the Department of Natural and Environmental Resources to respectively operate the existing recycling plant and provide water and land surveillance services at the former naval base.
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4 consortia make Juvenile correctional center P3 shortlist
August 9, 2012
Four consortia have been shortlisted to move on to the competitive procurement process to develop a new 600-bed juvenile social treatment campus complex through a public-private partnership with the government to be located in the town of Yauco.
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Puerto Rico FY 2012 General Fund collections exceed goal by $10M
August 1, 2012
Treasury Secretary Juan Carlos Méndez confirmed Wednesday that General Fund collections for FY 2012 ending June 30 reached $8.6 billion, exceeding the government’s goals by $10 million.
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SBA names new deputy district director for Puerto Rico, USVI
July 31, 2012
U.S. Small Business Administration Region II Administrator Jorge Silva-Puras announced Monday the appointment of María de los Ángeles de Jesús as Deputy District Director for SBA’s Puerto Rico and U.S. Virgin Islands district office.
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S&P cuts gov’t Retirement System outlook to ‘negative’ from ‘stable’
July 27, 2012
For the second time in the last week, Puerto Rico’s credit ratings have been under scrutiny by stateside agencies. This time, it was Standard & Poor's Ratings Services, which revised its outlook on the Commonwealth Employees Retirement System’s $2.9 billion in senior pension funding bonds, series A, B, and C to “negative” from “stable.”
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GDB sends scathing letter to Moody’s over ratings cut
July 20, 2012
The Gov. Luis Fortuño administration sent a scathing letter to Moody’s Investor Services late Thursday, expressing its “utter disappointment” with the agency’s decision to downgrade the Puerto Rico Sales and Use Tax Financing Corporation’s bond rating.
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OMB Chief: ‘We strongly reject’ Moody’s $16B COFINA bond rate cut
July 18, 2012
In what may constitute as the latest setback in Puerto Rico’s attempt to put the economy back on track, Moody's Investors Service announced Wednesday its decision to downgrade $16 billion in Puerto Rico Sales Tax Financing Corporation bonds.
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GDB may file claim in LIBOR rate manipulation case
July 17, 2012
The Puerto Rico Government Development Bank is mulling over the possibility of filing a legal claim related to the London Interbank Offered Rate manipulation case, agency President Juan Carlos Batlle told Reuters Monday.
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Moody’s upgrades Pridco’s credit ratings to ‘Baa1’ from ‘Baa2’
July 6, 2012
Moody's Investors Service Inc. disclosed Thursday it has upgraded the M Rico Industrial Development Company's general purpose revenue bond rating to “Baa1” from “Baa2” and changed the outlook to stable. This decision came even though Pridco has some $210 million of outstanding debt.
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Panama’s Martinelli: ‘Puerto Rico has everything and hasn’t taken advantage of it’
June 29, 2012
Puerto Rico needs to establish closer commercial ties with all countries throughout Latin America and the Caribbean by, among other things, playing up its importance as the gateway to the U.S. mainland, Ricardo Martinelli, president of the Republic of Panama said upon his arrival to the island Thursday.
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EDB closes Fiscal ’12 with $208M loan portfolio
June 29, 2012
The Economic Development Bank for Puerto Rico closed Fiscal ’12 with a record-setting $208 million portfolio of loans granted to the island’s small and mid-sized businesses, the highest figure on record since its establishment in 1985, agency officials said Thursday.
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U.S. Labor Department grants $4.1M to help Puerto Rico displaced workers
June 27, 2012
The U.S. Department of Labor today awarded three National Emergency Grants totaling more than $4.1 million to the Puerto Rico Department of Labor and Human Resources that will assist more than 750 workers affected by recent plant closures and resulting layoffs in Puerto Rico.
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S&P downgrades GDB rating outlook to ‘negative’ from ‘stable’
June 25, 2012
Standard & Poor's Ratings Services revised Monday its ratings outlook on the Government Development Bank for Puerto Rico to negative from stable, while affirming its 'BBB/A-2' ratings for the agency.
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P.R. lays out investment benefits to Venezuelan business community
June 22, 2012
In an effort to boost awareness about investment opportunities in Puerto Rico, the Economic Development and Commerce Department and the Venezuelan Association of Entrepreneurs, Executives and Professionals presented before a large group of Venezuelan executives the “Puerto Rico: Investment Opportunities” seminar, focusing on the manufacturing and banking sectors as those with the greatest economic potential.
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