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Foundation for Puerto Rico to help SMEs with Giving Tuesday proceeds

Foundation for Puerto Rico (FPR) announced that all its fundraising efforts this coming Giving Tuesday, slated for Nov. 29, will be aimed at providing continuity to business training programs aimed at local small businesses (SME’s).

The entity, which for the past 11 years has focused on promoting economic development initiatives with the mission of achieving a socioeconomic transformation for Puerto Rico, participates in the global Giving Tuesday movement, whose worldwide objective is to dedicate a day to the action of giving.

This year the money that FPR raises will go to support the organization’s business programs, which are actively impacting hundreds of local businesses, nonprofit officials said.

“For the past five years, Puerto Rico has felt the impact of several natural events and one sector that has been greatly affected has been that of small businesses,” said Alma Frontera, vice president of operations and programs of FPR.

“Faced with this reality, our entity has developed business programs that provide businesses with the necessary tools to be able to face challenges, overcome them and continue their operations successfully. Through Giving Tuesday, we’re making a call to donate to our organization and by doing so support us to continue impacting these local businesses,” she said.

“In Puerto Rico, small businesses are the backbone of our economy, employing more than 80% of all private sector workers and contributing around 12.9% to the island’s gross domestic product,” she said.

“In addition, small businesses have a direct effect on the development of the communities they serve, since they provide services and/or products to the community, create jobs and promote economic activity in the region where they are located. For this reason, it is vital to support them so that they are successful and prosperous,” Frontera added.

FPR currently has several initiatives that offer business education including PULSO, [re]ACTIVA and the Leaders Academy. With the money raised, the entity will continue its programs with the goal of reaching more than 400 businesses throughout the island by the summer of 2023.

“Every time a small business closes, it sets off a domino effect. In terms of consumers, fewer establishments is equivalent to fewer services and products, something that already affects us locally,” Frontera said.

“In addition, with each closure, jobs and opportunities are lost, and other businesses that provide services or products lose customers, affecting the entire business ecosystem. In short, the effects of the decline in small businesses because of the challenges posed by natural events, among other factors, are devastating for community economic development, the economy in general, and everyone’s quality of life,” she said.

Throughout the month of November, culminating in Giving Tuesday, nonprofit organizations around the world call on the general population and corporations to donate to the sector.

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This story was written by our staff based on a press release.

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