Puerto Rico EDB announces $3.9M in free advisory services for SMEs
Four firms will provide legal, accounting and financial services to help small businesses access financing.
The Puerto Rico Economic Development Bank’s (EDB) president, Luis Alemañy, has announced its selection of companies to offer free legal, accounting and financial advisory services to small and medium-sized enterprises (SMEs) throughout the island.
Funded by a $3.9 million grant from the U.S. Department of Treasury’s State Small Business Credit Initiative Technical Assistance Program (SSBCI-TA), these services are intended to help businesses access financing.
These services will be available through subrecipients in Puerto Rico’s 78 municipalities to assist entrepreneurs in securing loans and federal aid, including through both “Boost Your Business” credit programs.
Upon the release of funds, the EDB confirmed that these contracted companies will provide specialized support to SMEs preparing for financing or credit access.
“The Economic Development Bank reaffirms its mission to strengthen the entrepreneurial ecosystem of our SMEs, which represent a key sector of our economy and an important source of jobs,” said Alemañy. “Through this grant and with the collaboration of these four contracted companies, SMEs will have access to advisory services in critical areas to improve their chances of success in obtaining financing, investment and expansion.”
Alemañy explained that this initiative, which will soon be in effect, allows each entrepreneur to benefit from between $5,000 and $10,000 in free services, subsidized by federal funds.
“Each business person will receive these services at no cost through the four contractors, as the EDB has covered the expenses with the funds granted by the federal treasury,” Alemañy added.
Yarimir Rodríguez, the head of EDB Special Projects, noted that the program will “serve businesses with up to 500 employees and very small businesses with fewer than 10 employees.”
The selected companies under the SSBCI-TA “Boost Your Business” program are Business Atelier LLC; Joel Rodríguez Fernández d/b/a Expert Accounting Group; Ways Accounting & Financial LLC; and Strider Consulting LLC.
The EDB published a notice of funding opportunity on its website inviting legal, accounting and financial advisory providers to submit proposals by April 30.
