Puerto Rico to Receive $109 Million in Federal Small Business Funding

Feb. 9 (UPI) — Puerto Rico is receiving up to $109 million in federal funding to help small business owners on American soil, the U.S. Treasury Department announced Thursday.

Money from the federal government A government small business lending initiative originally announced as part of President Joe Biden’s American bailout plan.

The Treasury Department has now approved more than $6 billion in SSBCI funding for various states and territories, including Thursday’s announcement for Puerto Rico.

All funding is intended to “support small businesses and entrepreneurship and increase access to capital,” the Treasury Department said. says in the statement.

“The goal of our public policy is to capitalize on the Economic Development Bank of Puerto Rico to enhance our ability to promote the development of new businesses and the expansion of existing ones,” said Puerto Rico Governor Pedro Pierluisi.

Puerto Rico will operate a collateral support program and a loan participation program using SSBCI funding. The bulk of the funding ($87.4 million) will go to the collateral support program and help provide secured guarantees to lenders. The remaining $21.8 million is for commercial loans targeted at specific sectors of the economy.

“Empowering small businesses and entrepreneurs, especially in traditionally low-income communities, is critical to advancing our shared vision for a fairer economy,” U.S. Deputy Secretary of the Treasury Wally Adeyemo said Thursday.

The Treasury previously announced $300 million in SSBCI funding for Puerto Rico. This money is intended to finance technical assistance.

In December, the Treasury Department announced $1 billion in small business funding in seven states.

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