TLDR:
- The Puerto Rico Economic Development Bank received a $30 million allocation from the Department of the Treasury to expand the Venture Capital Program.
- The program will invest in small and medium-sized companies in industries such as service, tourism, and manufacturing.
The Federal funds allocated to the Puerto Rico Economic Development Bank (EDB) aim to strengthen the Venture Capital Program for small and medium-sized companies in Puerto Rico. The $30 million from the Department of the Treasury will expand the “Boost Your Business” programs of the State Small Business Credit Initiative (SSBCI) and support the Puerto Rico Venture Capital Access Program (VCAP) in partnership with the Puerto Rico Trust for Science, Technology and Research (FCTIPR). This initiative will provide a unique mechanism for entrepreneurs to access venture capital, focusing on companies with fewer than 350 jobs and less than $20 million in annual revenues. This program will not only provide financial support but also offer training and resources through the Trust’s Parallel18 business support program. The goal is to reinvest the funds once they begin to see returns, ultimately creating more businesses and jobs on the Island.
The investment decisions will be made by a seven-member committee, ensuring that the funds are allocated according to federal Treasury guidelines. Interested entrepreneurs can start requesting more information through the Parallel18 website. The success of this program will depend on the number of applicants and the ability to reinvest the capital to support ongoing growth and innovation in Puerto Rico.
