The number of loans that the U.S. Small Business Administration has approved so far through its second round of Paycheck Protection Program funding doubled in Puerto Rico to 4,740 during the week of Feb. 1-8, from the 2,595 OK’d the prior week. In its weekly update, SBA officials also confirmed that those applications approved so […]
Scheduled to open sometime next year, new commercial retail development project Plaza Noroeste Commercial Center began early construction this week in the municipality of Aguadilla with an initial investment of more than $5 million. The final figure is expected to be closer to $40 million once the project is completed, this media outlet confirmed. Construction […]
Bluhaus Small Business Fund, a Puerto Rico-based private equity fund, completed a $5 million investment in Acrecent Financial Corporation, an alternative lender with nearly two decades dedicated to addressing the credit needs of small and medium-sized enterprises. This investment is the Bluhaus’ inaugural transaction after its establishment in March 2020 and being licensed by the […]
Startup accelerator gener8tor announced the launch of gBETA San Juan, the first gener8tor program to be offered in both English and Spanish. gBETA is a pre-accelerator for early-stage companies, and gBETA San Juan will add to the 23 existing programs across the U.S. and Canada, it confirmed. gBETA is a free high performance accelerator for […]
This edition of Climbing the Corporate Ladder includes high-ranking appointments in the areas of insurance, manufacturing and healthcare. Carrión III named president of MCS Healthcare Holdings, LLCMCS Healthcare Holdings, LLC CEO Jim O’Drobinak, announced that MCS has appointed José B. Carrión III as the president of MCS Healthcare Holdings, LLC. and a board member at […]
When Ricardo Rosselló assumed the governorship on Jan. 2, 2017, he immediately signed an “Infrastructure Reform,” declaring a state of emergency regarding the island’s infrastructure and activated an expedited protocol for the development of projects. He also created an interagency group to coordinate said projects. At that time there was talk of the creation of […]
New car sales in Puerto Rico reached 10,085 units, representing a whopping 51.6% growth versus the 6,653 units sold during the same month in 2020, the United Automobile Importers Group (GUIA) revealed. One of the segments that showed a significant change for the month were minivans, with an increase of 99.1%, followed by vans, with […]
The 2021 Series of Wellness Workshops to strengthen emotional health in the population will be available as of Feb. 15 for groups that request them, organizers Fundación Triple-S and Albizu University announced. “We’re pleased to continue collaborating with the Albizu University to contribute to the wellbeing of our population,” Ivelisse Fernández, executive director of the […]
Nonprofit organization Sembrando Sentido launched the “Contratos en Ley” online platform that monitors and evaluates the public procurement processes in Puerto Rico. The organization seeks to prevent the “misuse of hundreds of millions of dollars of public funds due to corruption and inefficiency in the hiring processes,” it said in a press release. ContratosEnLey.org is the […]
The Puerto Rico Aqueduct and Sewer Authority announced the reconstruction of the Caguas Central Laboratory, at an investment of some $40 million. It consists of the construction of a structure designed under the new codes established for earthquakes and atmospheric systems, PRASA Executive President Doriel Pagán-Crespo said. She added that during the last quarter of […]
As the call for a greener cyberspace gains momentum, beginning with migrating the thick of our digital operations to “greener pastures” within the web, users should surmise whether a public, a hybrid or a private cloud is the cleaner option. The trend toward sustainable cloud design means that remote computing providers commit to carbon reduction […]
San Juan-based Optico Fiber announces the launch of Gigabit Duo, a new broadband Internet service offering speeds of up to 2 Gigabits per second (2Gbps). The Gigabit Duo service is available in all areas of the Optico Fiber network. Gigabit Duo is “the fastest residential broadband service available in Puerto Rico,” company executives said, adding […]
The Financial Oversight and Management Board for Puerto Rico (FOMB) has until Feb. 10 to present a Plan of Adjustment (POA), or at least a summary of the main terms thereof, to modify the central government’s debts with various groups of creditors. These debts include General Obligation bonds, bonds issued by the Public Buildings Authority, […]
The U.S. Government Accountability Office (U.S. GAO) released a report urging the Centers for Medicare & Medicaid Services (CMS) to crack down on Puerto Rico’s procurement process, as in 2018 the Commonwealth paid contractors almost all of its Medicaid spending, or 97% of its $2.5 billion budget. The GAO’s recommendation of a “risk-based oversight approach” […]
A report released last week by research firm Boletín de Puerto Rico revealed that financial institution FirstBank had filed a civil lawsuit against entrepreneur Keith St. Clair and his businesses, Around the World Holdings and Noir, LLC, seeking to collect on more than $3.8 million on a defaulted loan. The bank sought repayment of a […]
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