Hurricane María, which seriously damaged Puerto Rico’s infrastructure, led to an increased number of areas falling in disuse in municipalities; many small and medium business owners ceased operations due to a lack of basic resources, while others decided to emigrate.
In light of this, FirstBank created the “Uno con Puerto Rico” award for $10,000 in the Community Revitalization and Stabilization category of the EnterPRize business competition sponsored by Grupo Guayacán.
“In this 14th edition of the EnterPRize competition, we will be looking for entrepreneurs from around the island who have reinvented themselves in the face of adversity, who demonstrate tenacity to innovate and are empowered with new business opportunities, who contribute to the revitalization or stabilization of vulnerable areas, and who have had the courage to move forward and bet it all on the growth of their business and the island,” said Catherine Ríos, community relations and reinvestment officer of FirstBank.
As part of the requirements to participate in this category, companies must demonstrate profitability, growth potential, social commitment, and that it promotes financial activity by creating or retaining businesses or jobs in geographic areas that have low or
moderate economic resources, are affected by natural disasters, have a high level of poverty and unemployment, and that have little or no access to basic services.
“FirstBank is committed to developing the entrepreneurial ecosystem. Small and medium businesses have a multiplying effect on our economy because of the direct and indirect sales and jobs they generate. By awarding the ‘Uno con Puerto Rico’ award, we are stimulating entrepreneurial initiatives that demonstrate they are
making an impact by generating financial capital,” said Ríos.
Entrepreneurs interested in participating in the EnterPRize business competition must complete an online application by May
7. Semifinalists will be notified May 22. The competition will conclude with the award ceremony on Dec. 12, when winners will be announced.