DDEC reveals results of $100K investment in Women Business Centers
The centers are designed exclusively to support women entrepreneurs and small-business owners.
The Department of Economic Development and Commerce (DDEC, in Spanish) and leaders from the Puerto Rican Alliance of Women Business Centers (WBC) met to review the outcomes of a $100,000 investment from the Act 60 Business Development Incentive Fund aimed at promoting WBC services across Puerto Rico.
DDEC Secretary Manuel Cidre stated that the investment was divided among the Sila María Calderón Center for Puerto Rico, the Ana G. Méndez University System, and Friends of Puerto Rico, which provide WBC services at various locations on the island.
The funds were used to develop an online platform to strengthen the women’s entrepreneurial ecosystem, offering services like training, business and technical consulting, financing, market research, permits, marketing, and export strategies.
“This alliance is a decisive step toward creating new companies and taking the businesses of women entrepreneurs to the next level through advanced technology and the guidance necessary so that they can expand the reach of their products and services, accessing international markets” Cidre said. “This program is 100% aligned with our vision of creating a favorable environment for the creation and expansion of local companies, strengthening our business ecosystem.”
The alliance’s accomplishments include a capital infusion of $973,977 in 73 municipalities, services to more than 1,700 clients, 2,173 consulting sessions and 146 business training workshops. Among the initiatives were establishing the Mountain Business School in Orocovis, with 30 businesswomen participating, and creating 41 new jobs.
“We are deeply honored to have three centers in Puerto Rico dedicated to the economic empowerment of women, providing all the tools to open and grow their businesses,” said Angelique Sina, president of Friends of Puerto Rico. “Thanks to the support of the U.S. Small Business Administration (SBA) and the DDEC … we can support thousands of women to achieve their dream of creating a small business.”
The Women’s Business Center Program was established in 1988. Operated by the SBA’s Office of Women’s Business Ownership through select nonprofit organizations, WBCs are funded in part by the SBA to assist women in overcoming business barriers.
“Women entrepreneurs are starting businesses at an accelerated pace, so it is essential to continue supporting them with specialized business mentoring services, facilitating access to capital, and offering them training in federal contracting and exporting to ensure their growth, while promoting fair and equitable economic development,” said Josué E. Rivera, SBA district director for Puerto Rico and the U.S. Virgin Islands. “By investing in the economic potential of women, the SBA is encouraging innovation, creating jobs and strengthening our business ecosystem.”
WBCs exclusively support women entrepreneurs, offering a supportive environment and resources tailored to address their unique business challenges. They also provide networking opportunities with other women entrepreneurs, business leaders and organizations that advocate for female entrepreneurship.
