INVID gets $377K from EDB to create jobs, expand reach
Looking to double its client base at the local level and export its services internationally, Internet Vision Development (INVID) has signed a financing agreement of $377,000 with the Puerto Rico Economic Development Bank, company and bank officials said Wednesday.
During a news conference, EDB President Luis Burdiel and INVID President Alberto Lugo-Gómez discussed details of the transaction that grants the company a credit line of $350,000 and a $27,000 loan.
“The EDB has stopped being a traditional financial institution to become the best ally of our entrepreneurs,” Burdiel said, adding INVID embodies one of the government’s priority sectors, high technology. “By promoting the development of our clients, we boost the economy of Puerto Rico.”
The financing will facilitate the expansion of INVID’s operations that include occupying a new 4,000 square-foot office space in the EDB building and exporting its technology services. At the same time, INVID’s management projects that as part of the expansion, it will increase its workforce by 50 percent, from 20 employees to at least 30.
Founded more than 10 years ago, INVID is a Puerto Rican company certified by Microsoft as Gold Partner, specializing on the use of the SharePoint platform. The first technological solutions the company developed were for clients in the banking sector, such as Evertec and Firstbank.
Then the company set its sights on the health industry, targeting clients of the likes of MMM and MCS. Among its services are the development of programming, mobile applications, corporate portals and intranets and other consulting services.
“As part of our expansion plan we were able, after a challenging process, to certify ourselves as an 8a entity. That certification, coupled with the financing, will allow us to start operations in Washington DC, which will give us access to participate in the federal procurement processes and in federal proposals,” INVID’s Lugo said.
“This is a new market that we had not been able to penetrate since we did not have the financial support as received today from the EDB,” said Lugo, adding that the recent financing process was “faster and more agile than it was 10 years ago.”
“We feel the EDB was focused on us, its clients; It was a true facilitator, with an open door policy and a highly professional and dedicated work team,” Lugo said.
The funding provided to INVID is part of a package totaling $515,500 approved by the EDB to three companies this week. In addition to INVID, Super Ahorros Gaby in Río Grande will receive financing of $118,500 and Gamers Domain LLC in Isabela will receive $20,000.