The Resident Commissioner of Puerto Rico, Pablo José Hernández, announced on June 1 that the United States Department of Agriculture has awarded a $500,000 federal grant to establish a revolving loan fund supporting small businesses in rural Puerto Rican communities affected by natural disasters.
“This investment will help entrepreneurs obtain the tools they need to recover and grow,” Hernández said. “When small businesses have access to capital, they can create jobs, expand operations and continue contributing to the development of their communities.”
The funds will be managed by the Corporación para el Financiamiento Empresarial de Puerto Rico (COFECC) and will provide loans of up to $50,000 for microenterprises, small businesses and startups located in rural areas. The program is expected to benefit more than ten businesses and contribute to job creation and economic activity in communities still facing the effects of natural disasters.
According to Hernández’s office, this initiative aims to address ongoing challenges faced by business owners following recent hurricanes and earthquakes that have impacted rural parts of Puerto Rico. By providing access to capital through COFECC’s administration of these loans, local entrepreneurs may have increased opportunities for recovery.
Hernández said he remains committed to securing resources that support economic growth on the island.
