U.S. Treasury lists ‘historic investments, economic growth opportunities’ for Puerto Rico
The agency highlighted the federal support provided for recovery, internet access and small businesses.
Puerto Rico has been the recipient of “historic” federal investments aimed at revitalizing its economy and supporting long-term growth, according to a recent fact sheet from the U.S. Department of the Treasury.
These initiatives, part of the administration of President Biden’s broader economic agenda, focus on empowering Latino communities and providing much-needed financial assistance to Puerto Rican families, small businesses and underserved areas, the agency stated.
One of the major investments was through the American Rescue Plan, which allocated approximately $4 billion in State and Local Fiscal Recovery Funds to help Puerto Rico respond to the COVID-19 pandemic. These funds supported both the health sector and economic recovery initiatives.
The Treasury also facilitated the Capital Projects Fund, making $158 million available to expand high-speed internet access in Puerto Rico, addressing a critical infrastructure gap by connecting households and businesses that previously lacked internet access.
Additionally, Puerto Rico was approved for up to $109 million in 2023 under the State Small Business Credit Initiative (SSBCI), aimed at providing financial support to small businesses in the territory.
Another significant investment came from the Community Development Financial Institutions (CDFI) Fund. Puerto Rico received the largest amount of funding from the Equitable Recovery Program (ERP), with 70 grants totaling $226 million to help low- and moderate-income communities recover from the pandemic and to support long-term development projects.
Through the Emergency Capital Investment Program (ECIP), the department invested $1.6 billion in minority depository institutions, which are expected to benefit Latino communities by increasing lending by more than $50 billion over the next decade. In 2023, ECIP participants extended $459 million in lending to businesses in Puerto Rico, including loans to small and underserved businesses.
These investments represent a crucial step in Puerto Rico’s economic recovery, positioning the territory for sustainable growth in key sectors, such as internet infrastructure and small business development, the agency noted.
