‘Caguas Compite’ concludes with 20 new businesses, jobs created
The 13th edition of the program trained 53 participants, resulting in microenterprises, job opportunities and formalized businesses.
The 13th edition of the “2024 Caguas Compite” business training program recently concluded, with more than 20 businesses in the process of being formalized or strengthened, organizers said.
This year’s program brought together 33 women and 20 men. At the start of the workshops, 22% of participants were unemployed, and 36% were self-employed.
Caguas Mayor William Miranda-Torres noted: “By the end of the business training process, eight microenterprises were being created, another 13 are in the process of being formalized, and four were strengthened. This represents the creation of 20 new jobs, four [jobs] were retained and 18 [additional jobs] once they finish formalizing their commercial activity.”
According to participant evaluations, they finished the program satisfied, recognizing its role in helping them see the “viability of their idea, expand their awareness of entrepreneurship, formalize self-employment and [appreciate] the importance of buying local,” according to a news release.
The conclusion of the program also included participants from “Caguas Compite 2,” which is aimed at already established companies. Some 42 people participated, receiving seminars on managing business finances, offered by the Caguas Small Business and Technology Development Center (SBTDC).
Participants in “Caguas Compite 2” came from industries such as food, retail, manufacturing, professional and technical services, education, agriculture, arts and entertainment, technology, and construction.
“As we all know, our country has been experiencing a fiscal crisis for more than a decade,” added Miranda-Torres. “Efforts like the ‘Caguas Compite’ program provide our people with knowledge and tools to move forward, even in adverse conditions. We understand that the combination of all the efforts of the Economic Development Office and the support of other municipal administration areas has contributed to Caguas maintaining historic levels in its unemployment rate, which is 5% below the average in Puerto Rico.”
The mayor continued: “We are also the third city with the highest number of retail sales and the third municipality with the most manufacturing jobs. Currently, we have thousands of dollars in investment projects between private, public and public-private [sectors].”
Among the services offered to “Caguas Compite” participants are business training, business intelligence, advice and mentoring, business coaching, permit management, support in market research, complementary and psycho-social services, identification of financing sources, identification of incentives, and the facilitation of support networks.
