EDB gets 46 new loan requests through new web app
October 2, 2014
A little over month after implementing an online service that enables citizens to interact with the agency in new ways, the Economic Development Bank for Puerto Rico said Wednesday it has received 46 applications for business loans, of which 32 are corporate applications and 14 applications for individual operations.
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U.S. Treasury awards $4.9M to Puerto Rico’s EDB
September 25, 2014
The U.S. Treasury Department announced Wednesday the transfer of more than $4.9 million in State Small Business Credit Initiative (SSBCI) funds to Puerto Rico to help local businesses access the capital they need to grow and hire.
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Gov’t unveils ‘Code for America’ app for Puerto Rico
September 25, 2014
A group of high-ranking officials participated Wednesday in the annual Code for America summit in San Francisco, where they unveiled an application known as “PrimerPaso” developed for Puerto Rico, to address government-specific problems.
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Government pursuing ‘smaller-scale’ P3 agreements
September 18, 2014
The Gov. García-Padilla administration is looking to broaden the scope of possibilities regarding the establishment of public-private partnerships, or P3s, through legislation that would allow smaller scale projects, P3 Authority Executive Director Grace Santana said.
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P.R., USVI get $3M in grants to improve jobless programs
September 16, 2014
The U.S. Department of Labor announced Monday awards exceeding a combined $3 million for Puerto Rico and the U.S. Virgin Islands to improve unemployment insurance programs.
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Treasury wants to erase ‘uncertainty’ from tax code
September 12, 2014
The Puerto Rico Treasury Department has spent the last seven months working with a team of local and international experts in tax, fiscal and economic matters to propose an overhaul to the island’s Internal Revenue Code that ultimately should eliminate the “uncertainty” associated with elements of the decades-old statute, agency Chief Melba Acosta told members of the media Thursday.
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General Fund net revenues fall short by $27.4M in Aug.
September 12, 2014
Puerto Rico’s General Fund net collections fell short of projected estimates by $27.4 million last month, when the government collected $440.6 million, hit mostly by a drop in payments from corporations under Law 154, motor vehicle sales and individual payments.
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PREPA board appoints chief restructuring officer
September 5, 2014
The Puerto Rico Electric Power Authority announced Thursday that, following a competitive selection process, the Board of Directors has appointed Lisa J. Donahue as chief restructuring officer.
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4 entities short-listed for Roosy Roads development bid
September 2, 2014
Local Redevelopment Authority for Roosevelt Roads, known as LRA for short, announced Sunday that four entities to move on to the final round of the process to choose a master developer for the former naval base in Ceiba.
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PRIDCO in Brazil for Iberoamerican Economic Congress
September 2, 2014
With a business development agenda in hand, Puerto Rico Industrial Development Company Executive Director Antonio Medina-Comas will participate this week in the Iberoamerican Economic Congress taking place in Sao Paulo and Brasilia, in Brazil.
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COSSEC adopts tech strategies, investment tools
August 29, 2014
The Corporation for the Supervision and Insurance of Puerto Rico Cooperatives, known as COSSEC in Spanish, has adopted a new policy of modernization, innovation and technology to facilitate information between co-ops and the government, President Daniel Rodríguez-Collazo said Thursday.
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Fitch: PREPA reform ‘still probable’ despite forbearance
August 20, 2014
Credit ratings agency Fitch said Tuesday it believes that a restructuring of Puerto Rico Electric Power Authority's debt obligations remains likely, despite the forbearance agreements between PREPA and certain of its creditors (including bondholders) signed on Aug. 14.
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PREPA reaches deal with creditors for payments due
August 15, 2014
The Puerto Rico Electric Power Authority announced Thursday that discussions with its creditors have resulted in agreements that provide the agency with a “consensual path forward to improve its operations and financial situation.”
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8 groups submit credentials to develop Roosy Roads
August 15, 2014
The Local Redevelopment Authority for Roosevelt Roads announced Thursday that eight groups submitted their statement of qualifications in response to a Request for Qualifications published in June seeking developers for some 3,000 acres of land at the former naval base in Ceiba.
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Preliminary July revenue reaches $624M, up 26% YOY
August 8, 2014
The Puerto Rico Treasury Department reported Thursday preliminary revenue for July 2014, the first month of the current fiscal year, reached $624 million, up $129 million, or 26 percent, from the total on record for the same month last year.
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