FIDECOOP grants $2.8M loan to Mega Co-op for new distribution center
The Cooperative Investment and Development Fund (FIDECOOP, in Spanish) announced it has granted a $2.8 million loan to Mega Co-op, for its acquisition of a distribution center that will benefit 30 local businesses, the entity announced.
The loan, which FIDECOOP stated it “the largest it has granted in the last 20 years, and represents a great support to these SMEs grouped under the cooperative model that will now be able to offer better prices to the consumer, greater economies of scale and food security for Puerto Rico,” said José Julian Ramirez, executive director of FIDECOOP.
The 30 businesses grouped under Mega Co-op generate more than 3,000 jobs, he said.
Mega Co-op Chair Francisco Pérez said, “this loan allows us to expand the services we provide to our business partners through a warehouse with greater capacity and places us in a much more favorable position to continue our growth within Puerto Rico’s food industry.”
Mega Co-op operates the Mega Fresh and Tu Colmado Aqui grocery store chains and owns the La Vinoteca, Karibe and Señor Poderoso brands.
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