Puerto Rico retailers, EDB sign agreement to boost financing access
The United Retailers Association (CUD, in Spanish) marked its annual convention in Ponce with the signing of a memorandum of understanding with the Puerto Rico Economic Development Bank (BDE, in Spanish), an agreement aimed at expanding access to financing and business support for small businesses.
The pact, signed over the weekend, is expected to provide nearly 5,000 CUD members with financial products, training programs and technical guidance.
“In these crucial times for small and medium-sized businesses, the people’s bank must be available to support them,” said Carmen A. Vega-Fournier, president of the Economic Development Bank. She said the institution plays a stabilizing role at a moment when traditional financing is increasingly limited.
“It’s a fact that many private banks are not granting loans to small businesses; they’re unwilling to take risks and are inflexible,” she said.
Vega noted that the bank has supported Puerto Rico’s economic development for 50 years, with a focus on manufacturing, commerce, agriculture, tourism and services.
“That’s why I’m informing the CUD membership that the BDE is available to grant loans of up to $1 million, at the best market interest rates,” she said. “But above all, at the BDE, we don’t change the interest rates annually. The terms and interest rates remain unchanged, so business owners can plan with confidence.”
Dr. Ramón C. Barquín III, president of CUD, said the alliance strengthens Puerto Rico’s entrepreneurial base.
“That is why today we signed a memorandum of understanding to assist our current and new members as part of the added value, services and benefits offered by the CUD,” he said. “This alliance with the BDE is a concrete way for our members to receive expert guidance, financing under competitive terms and training tailored to their real needs.”
The memorandum also calls for workshops, conferences and orientations to be held at the CUD Coworking Space in Ponce, along with educational campaigns aimed at the private sector. Specialized bank staff will provide direct assistance to merchants as they plan business expansion and strengthening projects.
