FirstBank grants financing to FS Perfumes, LLC for expansion
September 4, 2019
FirstBank’s Commercial Banking Department granted financing to FS Perfumes, LLC under the SBA 7A, Express, and 504 Programs to acquire and improve the 10,000+ square-foot commercial property in San Juan. The amount of the financing was undisclosed. “For us at FirstBank, it’s very important to support local businesses because of their significant contribution to Puerto […]
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Puerto Rico FastSigns team gets ‘Franchisee of the Year’ recognition
September 4, 2019
José Corujo, Juan A. Rivera, and Teresa Caballero, master franchisees and owners of all three FastSigns Puerto Rico locations, have been recognized by the International Franchise Association with its annual “Franchisee of the Year” award during the IFA’s recent Franchise Action Network annual meeting. The “Franchisee of the Year” award recognizes top performers from various […]
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Guaynabo poised to steer $100M+ in economic development projects
September 3, 2019
The Guaynabo municipal government is finalizing the details of what will be the new Guaynabo Development Enterprise Corp. to oversee the development of more than $100 million in projects. Guaynabo Mayor Ángel Pérez confirmed that the ordinance creating the entity should be approved this week, after being discussed in public hearings. When it comes online, […]
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Airbnb activates Open Homes program in P.R., USVI through Sept. 15
September 3, 2019
Airbnb has activated its Open Homes program to help displaced residents and relief workers deployed to the regions impacted by Hurricane Dorian. The Open Homes Program recruits hosts who are willing and able to provide their homes for free to displaced residents and disaster relief workers in the activation area including Puerto Rico and the […]
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New occupational health and safety system implemented in P.R.
September 3, 2019
With the goal of reducing the number of injuries, illnesses and prevent deaths in the workplace, the State Insurance Fund, the Department of Labor and Human Resources and the Puerto Rico Occupational Safety and Health Administration signed an agreement that, among other things, will help industries with a high incidence of injured employees and/or occupational […]
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Op-Ed: Puerto Rico’s choke-hold on Vieques commerce
September 3, 2019
Under the long-term, government enforced embargo, the shipment of goods and vehicles between Vieques and Isla Grande has been so constrained that our community is not economically viable. The extreme restriction of cargo services denies us the ability to live normal lives, start and run businesses, and grow the community as we see fit. What […]
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Economist Conway expands on need to reuse abandoned properties
September 3, 2019
Renowned economist KC Conway recently presented his talk on the adaptive reuse of buildings and commercial spaces during the 15th anniversary convention held by the Puerto Rico Chapter of the Certified Commercial Investment Member Institute, the entity announced. At the conference, Conway spoke about trends in the economy regarding commercial real estate in both Puerto […]
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Local financial services expert recognized with ‘40 Under Forty’ award
September 3, 2019
Cameron McKenzie, founder of Puerto Rican financial services firm McKenzie & Associates, LLC, was recently honored with the “40 Under Forty” award from the National Association of Certified Valuators and Analysts (NACVA) in the United States. McKenzie started his corporate financial advisory business in 2015, after having worked for seven years as vice president for […]
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Gov’t to sign 1-yr. contract extension with P.R. Fast Ferries to serve Vieques/Culebra
August 30, 2019
The Maritime Transportation Authority will extend for another year its contract with Puerto Rico Fast Ferries to provide service between Puerto Rico and its island municipalities of Vieques and Culebra. However, the contract will be modified, as the government will commission the private operator for three vessels, rather than the current four, for $10 million, […]
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Singapore experts discuss how to prepare ‘workforce of the future’
August 30, 2019
Faced with the changes the world is experiencing given the advances in technology, the traditional education model must be transformed to one of lifelong learning so that individuals are always prepared and ready to effectively adapt to changes in their work and community environment. Singapore, recently named the most competitive country in the world by […]
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Op-Ed: P.R. Financial Oversight Board was unconstitutionally appointed
August 30, 2019
By 2016, Puerto Rico’s government was in dire financial straits. To avoid bankruptcy, Congress enacted the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”), creating a board responsible for restructuring the island territory’s substantial public debts. But there are serious questions regarding the constitutionality of this Financial Oversight and Management Board for Puerto Rico […]
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Frontier Airlines announces nonstop SJU/Newark route
August 30, 2019
Low fare carrier Frontier Airlines announced new low-cost service from Newark Liberty International Airport and San Juan, among another 14 new routes that will fly out of that airport in New Jersey for the winter season. The new service to the Luis Muñoz Marín International Airport will begin Nov. 14, 2019, for which Frontier will […]
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OBoard OKs use $260M in Emergency Reserve Funds for Dorian-related expenses
August 29, 2019
In light of Hurricane Dorian and the related Federal declaration of a state of emergency for Puerto Rico, the Financial Oversight and Management Board authorized the government to dip into some $260 million in Emergency Reserve funds from fiscal years 2019 and 2020. Although for the most part, Puerto Rico dodged a bullet, Hurricane Dorian […]
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Op-Ed: National Preparedness Month: Be prepared, not scared
August 29, 2019
During National Preparedness Month in September, we encourage everyone to take the necessary actions to prepare themselves, their families and their businesses for potential emergencies. Following the past two years of historic disaster activity, it is more important than ever for all Americans to know their risk and financially prepare for the unexpected. Many people […]
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Op-Ed: Gov. Vázquez needs to scrutinize new natural gas contracts in P.R.
August 29, 2019
Puerto Rico’s new governor, Wanda Vázquez, has been trying to distance herself from the previous Rosselló administration. For example, she recently suspended a $450,000 grid reconstruction contract that was subsequently cancelled by the Puerto Rico Electric Power Authority (PREPA). But hundreds of millions of dollars in natural gas infrastructure contracts continue to move forward unchallenged. […]
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