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EDB, CUD partnership generates $1.7M in benefits for SMEs in Camuy

The Puerto Rico Economic Development Bank and the United Retailers Association (CUD in Spanish) approved $820,000 in grants to entrepreneurs in the municipality of Camuy and delivered subsidies that amount to $651,670, the bank confirmed.

The funding is part of an alliance between the government agency and the private-sector trade group, which “results in direct orientation and training services for small and medium businesses,” said EDB President Luis Alemañy

“We hope that these alliances will culminate in initiatives that advance the economic growth of small and medium-sized businesses, which make up the majority of the public corporation’s client base,” said Alemañy, during a conference in which a number of topics were addressed, such as access to capital, business risks, the duty and responsibilities of employers, and e-commerce practices.

Other issues were also addressed during the activity, such as the requirements of the Occupational Safety and Health Administration (OSHA).

As part of the agreement between the EDB and the CUD, public work spaces will be provided for members of the private entity, possibilities to present the services of the public corporation in different places and collaboration in educational campaigns on social networks.

“This type of activity represents a new chapter in our organization. It also confirms the close relationship between a public and private entity in favor of local commerce,” said CUD President Jesús Vázquez-Rivera.

“On the one hand, we have a public corporation with financing products that are designed for small and medium businesses and, on the other, we are in CUD, offering a network of services to facilitate that economic growth,” he said.

Meanwhile, Alemañy confirmed that the EDB closed grants for $363,540 from the Community Development Block Grant Program (CDBG-DR) for recovery efforts to entrepreneurs in the municipalities of Camuy, Cabo Rojo, Lares, Las Marías, Florida, Aguada, Mayagüez, Isabela, Aguadilla, San Sebastián and Utuado.

During the activity, other grants totaling about $150,000 were announced for businesses in Utuado.

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

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