PSI gets $30M grant to expand economic mobility initiatives in San Juan
PSI is one of six organizations the U.S. Economic Development Administration selected from a competitive pool of 565 applicants from across the United States.
The Economic Development Administration (EDA) has awarded a $30 million grant to the Platform for Social Impact (PSI) as part of the Recompete program. This grant will enable PSI to expand its economic development initiatives in the community of Villa Prades and surrounding areas in San Juan.
PSI is one of six organizations selected from a pool of 565 applicants across the United States. PSI aims to eradicate poverty through strategic investments and comprehensive support initiatives, bridging the capital gap for projects that foster economic mobility and improve the quality of life in disadvantaged communities in Puerto Rico.
The Recompete grant will allow PSI to strengthen and expand the Oasis Project, a comprehensive effort designed to foster sustainable economic growth in Villa Prades and surrounding areas in San Juan.
This funding will support the implementation of programs promoting economic development, impacting approximately 35,000 people.
“We’re honored to receive this significant grant from the EDA. This award underscores our commitment to creating sustainable pathways out of poverty and driving meaningful change in Villa Prades and surrounding communities in San Juan, complementing the $43 million investment in the development of the Oasis Project,” said Eduardo Carrera, CEO of PSI. “This funding will be crucial in expanding our efforts to promote economic mobility and improve the quality of life for families in our community.”
The initiatives include training and development programs for jobs in high-demand sectors, the expansion of small business incubation and acceleration programs, and research on employment barriers with the goal of improving residents’ self-sufficiency.
Additionally, family navigation support systems will be strengthened, and diversified models of child and elder care will be expanded, all aimed at improving educational outcomes and workforce participation. Together, these initiatives aim to transform the community, create quality jobs and foster long-term community development.
PSI worked with several partners to achieve the financing, including the Municipality of San Juan, the Puerto Rico Department of Economic Development and Commerce, the Puerto Rico Department of Education, the Puerto Rico Department of Housing, the Puerto Rico Department of Family, Resident Commissioner Jenniffer González-Colón, and Reps. Richie Torres and Nydia Velázquez.
Other collaborators include the Instituto del Desarrollo de la Juventud, Project Makers, Vimenti, Vidalus, Jobs for the Future, Coursera, the Peter Alfond Foundation, and the I Am The Vine Foundation.
