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EDB gets additional $100M in CDBG-DR funds

The Puerto Rico Economic Development Bank (BDE, in Spanish) has been awarded an additional $100 million in CDBG-DR funds, in recognition of the “good work” it has done overseeing the Small Business Financing program, agency President Luis Alemañy said.

The SBF program, which is financed with money assigned by US Department of Housing and Urban Development (HUD), now has a new budget of $325 million, he said.

“We’re proud and satisfied that the work…that we have carried out responsibly for the benefit of our small businesses is recognized. The allocation of funds has been based on the projection/estimate of the need of the companies that have active requests to be worked on in the different stages and in compliance with the terms and conditions established in the Program Guide,” said Alemañy.

“Also, for cases that have been successfully closed in compliance, that wish to be considered for a recovery grant of more than $50,000, in accordance and in compliance with the terms and conditions established in the Program Guide,” he explained.

A total of 3,264 grants for $145.2 million have been closed to support entrepreneurs on the island, particularly benefitting the companies affected by hurricanes Irma and María in the 78 municipalities, he said.

Job retention is 22,820 and 13,003 additional jobs.

“So far, the BDE has closed a total of 42 grants of more than $50,000 up to $150,000,” Alemañy said.

Currently, the BDE has 1,877 active applications in the different stages of the process — submission, confirmation and closing — with 73% in the confirmation stage.

“The BDE will continue to support and actively guide small entrepreneurs so that they can succeed in their businesses,” Alemañy said.

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

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