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Puerto Rico’s Restaurant Assoc., EDB partner to support industry

In a move to strengthen the local restaurant industry, the Puerto Rico Restaurant Association (ASORE, in Spanish) and the Puerto Rico Economic Development Bank (EDB) have formed a partnership through a collaborative memorandum. The alliance is designed to support entrepreneurship and sustainable industry growth.

Signed by Carlos Budet-Vega, president of ASORE, and Luis Alemañy-González, president of the EDB, the memorandum promotes cooperation in providing financing, counseling and resources to restaurant entrepreneurs. 

Last year, the EDB introduced a financing product for this sector, offering up to $200,000 with interest rates of 4% to 8% annually, fixed or variable. Additionally, commitment fees of 0.75% and handling fees of 0.25% apply, with repayment terms that vary depending on the funds’ usage. 

These terms are designed to meet the unique needs of industry entrepreneurs, giving them the necessary support for growth, the news release says.

“This agreement with the EDB reflects our ongoing commitment to the development and strengthening of the restaurant industry in Puerto Rico,” Budet-Vega said. “Through this collaboration, we can offer our partners valuable resources that will enable them to reach new heights in their ventures.”

Alemañy-González said: “We are very excited about the opportunity to work once again with ASORE to support entrepreneurs in the restaurant industry. Our mission has always been to foster economic growth in Puerto Rico, and this agreement is a testament to that commitment. With this alliance, we hope to continue to support the strengthening of this important economic sector and continue adding jobs to the over 8,000 created or maintained through the business relationships we have with these entrepreneurs.”

The agreement includes ASORE serving as a bridge between its members and the EDB, while the EDB commits to offering personalized assistance and educational seminars to ASORE partners.

The renewal of the partnership occurs as the restaurant industry becomes increasingly integral to the local business ecosystem, the release says.

ASORE represents a variety of food services from restaurants and cafes to pizzerias and bakeries. Its membership includes 313 partners representing about 1,300 establishments. The sector employs more than 65,000 people and generates annual sales exceeding $2.6 billion, underscoring “the importance and contribution of the industry to Puerto Rico’s economy.”

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