The Economic Development Bank announced Wednesday it granted local company South Puerto Rico Towing and Boat Service Inc. an $8 million loan and credit line to use for operating expenses.
After exploring viable financing options for the company through private banks, and looking to keep a normal cash flow for its operations, Nidia Padilla Claudio, president of the shipping company, turned to the EDB for help. The loan and credit line will allow SPRTBS to reorganize its finances and retain the 41 jobs it creates in Guayanilla, where unemployment is close to 19 percent.
“We are very grateful for the support the EDB and its team have given us to help us keep our company afloat, which has served the maritime transportation market for more than 55 years and supports dozens of Puerto Rican families,” Padilla Claudio said.
“We have the equipment, personnel and experience to continue to fully meet our customers’ needs. However, the operational costs of this industry are very high, and EDB executives took on the task of understanding the idiosyncrasies of the business to give us the approval,” she added.
Meanwhile, EDB President Ivonne Otero noted finding solutions to help retain jobs are part of the agency’s mission.
“Every job we help retain stimulates the strengthening of economic development in Puerto Rico,” Otero said.