10 Puerto Rico co.’s secure SBA-backed PPP loans of between $5M-$10M
July 9, 2020
The U.S. Small Business Administration revealed it has guaranteed nearly 2,000 loans for between $150,000 and $10 million through its Payroll Protection Program in Puerto Rico, totaling a little more than $1 billion as of June 30. These loans are added to the nearly 36,000 SBA-backed loans of less than $150,000, which represent another $741.4 […]
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SBA backs $741M+ in PPP loans of up to $150K in Puerto Rico
July 7, 2020
The U.S. Small Business Administration and the U.S. Department of Treasury released Paycheck Protection Program Loan data that revealed that since the start of the program in April, local banks have processed some 35,896 loans for up to $150,000 totaling $741.4 million so far. The detailed loan-level data for Puerto Rico shows that more than […]
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SBA has guaranteed $1.8B in payroll protection loans in Puerto Rico
June 30, 2020
The U.S. Small Business Administration has guaranteed 36,417 in loans totaling $1.8 billion under the Payroll Protection Program, for which it will accept applications 11:59:59 p.m. tonight, the agency confirmed. The June 30 deadline was provided to the PPP by the CARES Act under the “covered period,” the agency added. The most recent PPP Report, […]
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SBA, Treasury Department announce $10B for CDFIs to participate in PPP
May 29, 2020
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program to be lent exclusively by Community Development Financial Institutions (CDFIs). CDFIs work to expand economic opportunity in low-income communities by providing access to financial products and […]
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SBA, US Treasury release Paycheck Protection Program loan forgiveness application
May 19, 2020
The U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) loan forgiveness application and detailed instructions for the process. “The documents released will help small businesses seek forgiveness at the conclusion of the eight-week period covered under the law, which begins with the disbursement of […]
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Paycheck Protection Program funding still available for P.R./USVI small businesses
May 12, 2020
The U.S. Small Business Administration confirmed it continues to approve loans for Puerto Rico and U.S. Virgin Islands small businesses during the second round of SBA’s Paycheck Protection Program, with more than $120 billion still available. “We encourage small business owners in Puerto Rico and the USVI to take advantage of this opportunity to keep […]
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Oriental approves $275M+ in Payroll Protection Program loans
May 7, 2020
Puerto Rico-based financial institution Oriental confirmed that as a result of the first and second round of the SBA (7a) Payroll Protection Program, granted more than $275 million in loans, benefiting 3,300 businesses and 58,000 employees of small and mid-sized businesses. “We’re closing this first and second-round process, achieving excellent results, supporting our small and […]
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Popular Inc. subsidiaries in P.R., U.S. mainland approve $1.2B in SBA loans
May 5, 2020
Popular Inc. announced that as of May 1st, it had processed more than $1.2 billion in loans under the second round of the U.S. Small Business Administration’s Paycheck Protection Program. The loans have benefited 16,397 small- and medium-sized businesses that employ more than 235,000 people, the bank said. Of the total, $1.05 billion were granted […]
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Law firm offers free help to small businesses, nonprofits seeking SBA aid
April 13, 2020
The business interruption to companies in Puerto Rico and the world has prompted Puerto Rican law firm Meléndez Torres Law PSC, to offer free help small and medium-sized as well as nonprofit organizations in accessing funds from the U.S. Small Business Administration. Managing Partner Sonia Torres said the firm’s legal team has made itself available […]
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Women Entrepreneur: SBA offers resources for your growth and success
March 23, 2020
During Women’s History Month, the U.S. Small Business Administration (SBA) pays tribute to women-owned businesses throughout the nation and reiterates its commitment to expand opportunities and alternatives to strengthen small businesses led by female entrepreneurs. Women-owned businesses continue to grow at an increasingly fast rate. To help support women in their business endeavors, the SBA […]
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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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SBA extends comment period for consolidation of Mentor Protégé Programs
January 14, 2020
The U.S. Small Business Administration is extending the comment period an additional 21 days for the proposed rule in the Federal Register to consolidate SBA’s Mentor Protégé Programs. “The SBA has proposed to merge the 8(a) Business Development (BD) Mentor-Protégé Program and the All Small Mentor-Protégé Program to eliminate confusion and unnecessary duplication of functions […]
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Op-Ed: This new year get your small biz off to a fresh start with SBA’s help
December 30, 2019
Do you often find yourself dreaming about becoming your own boss? Do you think you have the passion and skill set to join the other 30 million small business owners already living the American dream? If you answered yes to both questions, then perhaps 2020 is the year when you can take that plunge into […]
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SBA issues final rule to expand HUBZone opportunities
December 5, 2019
The U.S. Small Business Administration issued a final rule that will implement changes to the Historically Underutilized Business Zone (HUBZone) program that will make the program more attractive to small businesses and encourage them to invest in HUBZone communities and hire HUBZone residents. The new rule changes will also make it easier for federal contracting […]
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P.R.’s Parallel18 among winners of SBA’s Growth Accelerator Fund Competition
October 1, 2019
San Juan-based accelerator Parallel18 has been chosen among the 60 winners of U.S. Small Business Administration’s Growth Accelerator Fund Competition, to receive $50,000 each to support startups and entrepreneurs researching and developing STEM-related innovations. The combined $3 million will support development focused on a broad set of industries and sectors, SBA Acting Administrator Chris Pilkerton […]
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