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EDB awards $765K to retain 800 jobs in businesses in 4 towns

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The Puerto Rico Economic Development Bank recently distributed $764,593 among four towns to retain a total of 800 direct and indirect jobs, the agency announced.

EDB President Luis Alemañy confirmed that funding has been awarded to the municipalities of Lajas, Añasco, Moca and Yauco.

This, as part of the Small Business Financing program managed by the EDB together with the Puerto Rico Department of Housing. This program is part of the action plan for the use of funds from the Community Development Block Grant (CDBG-DR) Program for disaster recovery.

“We’re delivering federal money to the people in an expeditious manner to avoid business closures and to retain employees,” Alemañy said.

“This is why we’ve come to the municipality of Lajas, where small businesses are suffering the effects of the COVID-19 pandemic, while not having recovered from the ravages of Hurricanes Irma and María in Puerto Rico,” Alemañy said, adding that business that benefitted received up to $50,000 in aid to buy inventory, pay rent or mortgage, payroll, and utilities and services such as water, electricity, internet, propane gas and telephone, among others.

Businesses with 75 or fewer employees and micro-businesses (five or fewer employees) can apply to the program via the EDB’s website. Applicant companies must show evidence of unmet needs due to the impact of the hurricanes.

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This story was written by our staff based on a press release.
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