SBA OK’s $16.8M in PPP loans in Puerto Rico/USVI 2 weeks into 2nd round
January 28, 2021
The U.S. Small Business Administration has approved 516 loans worth some $16.8 million through its Paycheck Protection Program to eligible operations in Puerto Rico and the US Virgin Islands in the first two weeks of the second round of funding. The emergency financing program re-opened Jan. 11 and the numbers provided are through Jan. 24, […]
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SBA’s Economic Injury Disaster Loan window closes Dec. 31
December 17, 2020
Small businesses and nonprofits adversely affected by the COVID-19 pandemic are encouraged to consider applying for the U.S. Small Business Administration’s COVID-19 Economic Injury Disaster Loan (EIDL) during the month of December. Applications must be submitted via SBA’s online application link no later than Dec. 31, 2020 to be considered, the agency said. A total […]
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SBA urges Puerto Rico businesses, residents to apply for disaster loans by Nov. 9
October 23, 2020
The U.S. Small Business Administration is encouraging Puerto Rico businesses and residents affected by Tropical Storm Isaias in July 2020 to submit their loan application for physical damages by Nov. 9, even if they have not settled with their insurance company. “Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance, […]
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Oriental opens website for PPP loan forgiveness application process
October 21, 2020
Puerto Rican financial institution Oriental announced this week it will open a website for clients who received a loan through the U.S. Small Business Administration’s Payroll Protection Program to request forgiveness of all or part of their loan. The client must comply with the guidelines from the U.S. Department of the Treasury and the SBA. “As with […]
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Guayanilla exec. gets SBA ‘Woman Entrepreneur of the Year’ award
October 16, 2020
As part of National Small Business Administration (SBA) Week, Nydia Padilla, president of South Puerto Rico Towing & Boat Services Inc., nominated by FirstBank, received the “Woman Entrepreneur of the Year” Award for Puerto Rico and the U.S. Virgin Islands. In 2004, Padilla took over the reins of the company, leading a 60-person team in […]
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PRHTA hails decision to include hotels, casinos in SBA’s aid program
April 28, 2020
The Puerto Rico Hotel & Tourism Association on Monday hailed the change in the U.S. Small Business Administration’s Payment Protection Program that allows hotels with casinos to benefit from the loans. “Since the CARES Act was announced last April, to mitigate the impact of the COVID-19 pandemic, the PRHTA has worked continuously to correct the […]
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CNE: Financial sector failed miserably in Puerto Rico’s hour of need
April 21, 2020
The local financial sector “failed miserably in Puerto Rico’s hour of need” by not helping to close more loans and secure aid for the island’s small business sector through the Paycheck Protection Program, the Center for a New Economy concluded in an analysis of the effects of the federal initiative. The island failed to take […]
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SBA confirms Puerto Rico lenders approved 2,856 loans totaling $659M
April 17, 2020
The U.S. Small Business Administration released a report today confirming that Puerto Rico’s banking partners approved a combined 2,856 loans for a total of $658.5 million under the Paycheck Protection Program (PPP) as of April 16. In total, the loan count for eligible businesses across the U.S. mainland and its territories totaled 1.7 million, representing […]
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Popular approves close to $500M in SBA-backed loans
April 17, 2020
Popular announced that the Small Business Administration approved a total of $494 million in loans to its clients under the Paycheck Protection Program (PPP). Of these, $398 million was granted through Banco Popular de Puerto Rico and $96 million through Popular Bank, Popular’s banking subsidiary on the U.S. mainland. The Paycheck Protection Program was well received in Puerto […]
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Puerto Rico Farm Credit to help farmers handle COVID-19 emergency
April 8, 2020
Puerto Rico Farm Credit confirmed it will be offering local farmers affected by the COVID-19 emergency options to get financial assistance available through the U.S. Small Business Administration’s Paycheck Protection Program. The SBA has selected a number of financial institutions in Puerto Rico to help the different sectors. The program offers employers a loan to […]
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SBA, U.S. Treasury launch $349B Paycheck Protection Program
April 1, 2020
The U.S. Small Business Administration and the U.S. Department of Treasury announced the start of the $349 billion Paycheck Protection Program, to provide relief to millions of small businesses so they can sustain their businesses and keep their workers employed. “This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our […]
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Better Business Bureau partners with SBA in P.R. to restore local presence
March 10, 2020
The Better Business Bureau of Southeast Florida signed an agreement with the U.S. Small Business Administration in Puerto Rico, marking “a new stage for the BBB” in its mission to reestablish relations in the Puerto Rico area. As part of the strategic alliance, the BBB will provide the SBA with educational content for business, and […]
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SBA offering grants to train women veteran entrepreneurs
February 21, 2020
The U.S. Small Business Administration announced that nonprofit organizations, state and local agencies, and institutions of higher learning are eligible to compete for funding of up to $300,000 to deliver entrepreneurship training to women service members, women veterans and women military spouses. Up to six awardees will split the grants administered by SBA’s Office of […]
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SBA announces funding opportunity through State Trade Expansion Program
February 10, 2020
The U.S. Small Business Administration announces the opening of the submission period for a funding opportunity through the State Trade Expansion Program (STEP). The purpose of the grant opportunity is to invite proposals for funding from eligible state entities interested in, and capable of providing assistance, guidance and tools to qualified small businesses looking to […]
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Carranza starts 2nd tenure as SBA’s 26th administrator
January 15, 2020
Jovita Carranza was sworn in today as the 26th administrator of the U.S. Small Business Administration (SBA), the only federal agency exclusively dedicated to assisting small business owners and entrepreneurs in starting, growing, and expanding their businesses and providing targeted recovery support in declared disasters. This is Carranza’s second tenure at the SBA, having served […]
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