Congressmen re-introduce tax credit bill that would benefit US territories
July 28, 2021
US Sen. Bob Menendez (D-N.J.), a senior member of the Senate Finance Committee, and Roger Wicker (R-Miss.) reintroduced the Territory Economic Development Tax Credit Act (TEDTCA), which would create a tax credit for wages and tangible investments made by US-based businesses in US territories. This bill will support job creation and help strengthen the US […]
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Chemical Solutions invests $1.1M to produce organic disinfectant
July 28, 2021
Yabucoa-based Chemical Solutions, LLC acquired the rights to manufacture in Puerto Rico hypochlorous acid, an organic, water-based disinfectant that combats virus and bacteria, and is 99% effective, company officials announced. After months of negotiations and through a $1.1 million investment, this new manufacturing line will catapult Chemical Solutions into the international market, making it the […]
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Op-Ed: Puerto Rico is poised to leverage its third frontier in tourism
July 28, 2021
Once upon a time, tourism in Puerto Rico meant just one thing: the beach. Recently, thanks to the promotional talents of Discover Puerto Rico and operators with vision, a second tourism frontier emerged and solidified on the island: exciting experiences and adventures in municipalities away from the beach, with Toro Verde leading the pack. The […]
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Citi Foundation awards Pathstone Enterprise $500K unrestricted grant
July 28, 2021
In an effort to support minority-owned businesses as they navigate the continued economic impacts of COVID-19, the Citi Foundation awarded 50 nonprofits a total of $25 million in funding. Puerto Rico’s Pathstone Enterprise Center Inc. received a $500,000 unrestricted grant as part of that funding cycle, Citi Foundation confirmed. The nonprofit that provides disaster relief […]
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SBA grants $4.2M in Puerto Rico through Shuttered Venue Operator program
July 27, 2021
The U.S. Small Business Administration provided an update on the progress of its Shuttered Venue Operator program, confirming that as of July 26, it has approved 28 awards in Puerto Rico amounting to a little more than $4.2 million. The agency also confirmed it awarded one SVOG grant for $92,956 to a program participant in […]
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Puerto Rico Housing Dept. signs $13M disaster recovery contract with consulting firm IFC
July 27, 2021
The Puerto Rico Housing Department recently awarded global consulting and digital services provider ICF a $13 million contract amendment to expand the implementation of the agency’s Single Family Rehabilitation, Reconstruction & Relocation Program (R3). The contract for this work currently runs through summer 2022, ICF confirmed. R3 is a Community Development Block Grant Disaster Recovery […]
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Uber Eats expands beyond restaurants to groceries, other essentials
July 27, 2021
Uber Eats announced it is expanding beyond food deliveries by integrating a greater variety of businesses in its platform. Currently, users can find in the app stores such as the virtual supermarkets Jetson and La Comprita, and even convenience stores such as 24 Market. “As a technology company, continuous innovation is part of Uber Eats’ […]
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Pirtek USA opens 1st Puerto Rico franchise in San Juan
July 27, 2021
Pirtek USA, a Florida-based on-site and retail hydraulic and industrial hose service provider, opened its newest location in Puerto Rico earlier this month, in San Juan. It will focus on providing 24/7 on-site service to the area’s hydraulic and industrial based businesses. The franchise is owned and operated by Wendelyn Cortés and José Zayas. The […]
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Luis Muñoz Marín Int’l Airport posts ‘strongest recovery’ for parent company
July 26, 2021
The Luis Muñoz Marín International Airport (LMM) posted the strongest recovery related to passenger traffic, exceeding second quarter 2019 levels by 10% driven by a high double-digit increase in domestic traffic, which more than offset a weaker international performance, Adolfo Castro-Rivas, CEO of Grupo Aeroportuario del Sureste, confirmed The Mexican firm, known as ASUR, is […]
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Ricoh Puerto Rico launches e-commerce platform for business sector
July 26, 2021
Electronic commerce was already on an upward trend, but it grew exponentially in the last year — by 300% in 2020, based on changes in consumer buying habits and the challenges faced by the markets. In the business segment, digital channels such as video conferencing and live chat have emerged as the predominant means for […]
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USDA extends COVID-19 relief for single-family housing borrowers
July 26, 2021
The U.S. Department of Agriculture announced it is extending the COVID-19 Special Relief Measure for USDA’s Single-Family Housing Guaranteed Loan borrowers. The special relief measure provides new alternatives to help borrowers get up to a 20% reduction in their monthly mortgage principal and interest payments, said Luis R. García, USDA Rural Development acting state director […]
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Popular Inc. reports $218.1M in net income in 2Q21
July 23, 2021
Popular Inc., parent company of Banco Popular de Puerto Rico, reported $218.1 million in net income for the second quarter ended June 30, 2021, compared to the $127.6 million on record for the same period in 2020, representing $90.5M in year-over-year growth. The most recent figure compares to $262.6 million in net income reported for […]
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Rock Solid’s Pérez resigns after 20-yr. tenure
July 23, 2021
Ángel L. Pérez, a well-known entrepreneur and vice president of Rock Solid, recently resigned from his post after 20 years at the San Juan-based software engineering company, News is my Business learned exclusively. Pérez, who officially stepped down on June 24, will stay involved with the company as shareholder. He will also remain as an […]
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FEMA OKs $90M in Community Disaster Loans for earthquake-affected towns
July 23, 2021
The Federal Emergency Management Agency (FEMA) announced the approval of nearly $90 million in low-interest Community Disaster Loans, known as CDLs, to assist the municipalities affected by the 2020 earthquakes in their long-term recovery. Twenty-five municipalities in the south, center and west of the island benefitted from this federal assistance, which ended on June 30. […]
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Steven Anthony Children’s Hospital raises $50K to build Ponce facility
July 23, 2021
The Steven Anthony Children’s Hospital (SACH) in Ponce recently raised $50,000 in the second Walk of Hope that toured 12 municipalities in the southern region. The effort got support from municipal governments, backers the organization who joined on the route to make their contributions, the Club de Leones de Puerto Rico and private company Pentac […]
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