EDB will hold virtual orientation for unemployed, PUA beneficiaries
The Puerto Rico Economic Development Bank announced the first virtual orientation to new and existing entrepreneurs who received unemployment and Pandemic Unemployment Assistance benefits. The webinar is scheduled for Nov. 18 at 10 a.m.
This after a few weeks ago, the EDB signed a collaborative agreement with the Department of Labor and Human Resources to provide financing and grants from the Small Business Financing initiative under the Community Development Block Grant (CDBG) Program among the beneficiaries.
“We will offer details of the requirements of the available loans, including financing for micro-businesses through which the applicant can receive up to a maximum of $25,000 for a term of five years with an annual interest rate that could fluctuate between 4% and 8%,” said EDB President Luis Alemañy-González.
Program participants will be exempt from paying commitment and handling fees, although legal entities will be charged $100 for loan processing.
In addition, people between the ages of 21 and 29 can apply for up to $10,000 to establish a business under the Youth Loan Program, he said.
Some of the requirements to participate in these loans include a business plan, an annual projection of income and expenses, financial statements, certificate of incorporation, in case of a legal entity, the lease of premises or a letter of intent as well as a credit check.
“Remember that the EDB has a mentoring program with the College of Certified Public Accountants to support interested participants,” said Alemañy.