PathStone Enterprise Center Inc. (PECI) received a $1.5 million grant from Wells Fargo to provide capital and technical assistance to business owners on the island, the company announced.
The investment, which is part of the Wells Fargo Works for Small Business: Diverse Community Capital (DCC) program, will help small businesses that are still in the process of recovery following the impact of Hurricane María, said Pathstone Corporation President Stuart J. Mitchell.
“Without a doubt, this contribution represents a great opportunity to continue with our quest to help grow and strengthen small and medium-sized businesses in Puerto Rico,” said Mitchell.
“It also illustrates our mission of promoting inclusive economic growth in favor of our communities in partnership and with unity of purpose,” he said.
The Wells Fargo DCC program awards lending capital and grants to Community Development Financial Institutions, like PathStone, which in turn deliver responsible, affordable financial products to diverse small business owners who do not typically have access to conventional financing.
PathStone is one of only two CDFIs to receive funding for their work supporting entrepreneurs in Puerto Rico, which is still recovering from the aftermath of Hurricane María.
“Thanks to collaborative efforts such as this, PECI has managed to help hundreds of small business owners in Puerto Rico to improve economic self-sufficiency and the quality of life of individuals and communities through entrepreneurial training, technical assistance and financing access for new and expanding businesses, exactly as we did with the business InverSOL,” said Javier Zapata, the deputy director of PECI.
Over a long period of time working with the Puerto Rican community, PECI has granted loans to small- and micro-enterprises and the loans have more flexible terms and fluctuate between $5,000 and $250,000.