Puerto Rico’s Economic Development Bank streamlines lending efforts
The Puerto Rico Economic Development Bank has implemented a series of operational changes intended to streamline processes, reduce bureaucracy and promote business growth, in line with public policy goals for government efficiency.
At a press conference at the island’s executive mansion, La Fortaleza, EDB President Carmen Vega-Fournier said the agency has reduced the average time required to close cases and is aiming to complete loan processes within 30 days. As of mid-2025, the bank reported a closing balance of $24.4 million — a $6.1 million increase, or 33% growth, compared with December 2024.
The bank also announced a recent $1.3 million commercial loan for Madelcar Academy in Vega Baja, which Vega-Fournier described as a positive step for the private education sector.
As part of its reforms, the EDB has signed a memorandum of understanding with various public and private organizations, including the Association of Construction Materials Dealers, the Municipality of Carolina, the Department of Correction and Rehabilitation, the Office of the Women’s Advocate, the Association of Professional Appraisers and the Puerto Rico Society of CPAs. The partnerships are intended to broaden the bank’s reach across economic sectors, Vega-Fournier said.
Further efforts include negotiations with the Department of Economic Development and Commerce to allow greater flexibility in contract collateral, such as the use of equipment and coordination with the Puerto Rico Permit Management Office to help expedite permit approvals for projects nearing completion.
The EDB said it is also stepping up outreach through client site visits to review post-loan performance and provide further support. It has engaged with mayors including those of Villalba, Guaynabo, Carolina, Barceloneta, Vega Alta and Hatillo. Legislators including Nitza Morán and Jorge Navarro have also taken part in the discussions.
The bank has hosted educational sessions in collaboration with First Bank, Oriental Bank and credit unions, focusing on small business owners and entrepreneurs. The bank has also met with groups such as the Spanish Chamber of Commerce, the Puerto Rico Federal Affairs Administration, the United Retailers Association and the Puerto Rico Science, Technology and Research Trust.
“The new EDB administration has responsibly assumed the challenge of transforming public banking, orienting it to respond to the real needs of citizens,” Vega-Fournier said. “We have begun to establish alliances with credit unions, community banks and private entities interested in developing joint products.”
Gov. Jenniffer González said the strategy is aimed at promoting fair access to credit, affordable housing and revitalizing public banking as a catalyst for economic development.
