EDB grants $230K in credit lines to local companies
The Economic Development Bank for Puerto Rico has granted $230,000 in credit lines to local companies M&B Steel and Vernet, which will allow them to continue operating and grow in the midst of the crisis brought on by Hurricane María, agency President Luis Burdiel-Agudo said.
“All businesses need access to capital to operate and grow. The EDB, in line with the vision included in the Plan for Puerto Rico, reaffirms its commitment to providing financing to support the development of small and mid-sized businesses,” he said.
“The way the economy is, banks are not lending money. This financing has opened many doors and has allowed us to grow,” said Karen Betancourt, vice president of M&B Steel, a company that manufactures steel structures and employs seven people.
Established in March 2011 and with offices in Trujillo Alto, M&B Steel carries out commercial and residential work such as terraces, spiral staircases, platforms, canopies, among others.
For its part, Vernet is a leader in the educational technology market in CD-ROM and online for the educational market from preschool to high school. In 2007, the company expanded its operations to offer its products in the Dominican Republic and Latin America. It has developed 20 educational programs and has the exclusive rights in Puerto Rico for the distribution of the “Destination Reading” and “Destination Math” educational programs, developed jointly by Vernet and Houghton Mifflin Harcourt/Riverdeep.
“This funding gives us access to liquidity to handle the largest project we have at this time, which is the School Improvement Grant. Without the funding it would be very difficult for Vernet to provide the service,” said Vernet President Manuel Figueroa.