Oriental sets up fund at Puerto Rico Community Foundation
Seeking to collaborate with the development of entrepreneurship in Puerto Rico, Oriental Bank announced the establishment of the Oriental Fund at the Puerto Rico Community Foundation (FCPR, in Spanish) to provide grants to nonprofits to offer seed capital to individuals in its incubation and acceleration programs who are ready to launch their businesses.
The Compromiso Oriental fund has allocated $300,000 for this initiative. In the first round of awards, up to four organizations will be selected, each with the potential to receive a maximum of $25,000.
Applications for funding are open until Oct. 27. Interested organizations must have a track record in incubation or acceleration programs and have ongoing active programs.
They also need the capability to set up and oversee seed funds, as it will be taken into consideration in the evaluation of the proposals, organizers said. The guide to complete the process and application can be downloaded here.
“Oriental’s mission is to help advance our customers, employees, shareholders and the communities we serve,” said Maritza Arizmendi, chief financial officer at Oriental.
“This is why we’re committed to supporting small businesses, because we know what they represent in the economy of our island,” she added. “We’re aware of the importance of receiving help during business development, and that’s why we developed this philanthropic initiative, focused on providing seed capital. The Oriental Fund established in the FCPR will provide financial capital to chosen organizations to strengthen their incubation and acceleration programs for their microentrepreneurs.”
Currently, the FCPR oversees more than 97 philanthropic funds established by donors that support various social causes through donations or grants.
“Without a doubt, today more than ever, entrepreneurship is the key to the development of the economic activity of our communities,” said Nelson I. Colón-Tarrats, CEO of FCPR.
“It’s something we have always believed in, and today, Oriental allows us to accompany them and facilitate a process that benefits organizations that have assumed the titanic task of educating and training for entrepreneurship. They will now be able to move one step ahead, providing trained people with seed capital to get their businesses off the ground,” he said.