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Governor Announces Emergency Incentives for Puerto Rican Companies Affected by Hurricane Maria
September 7, 2017
(San Juan) – The governor of Puerto Rico announced that an Economic Recovery Program was established to assist the Puerto Rican industry after the event of Hurricane Maria.
This program was created through an administrative order issued by the Secretary of the Department Economic Development and Commerce (DEDC) and Executive Director of the Industrial Development Company (PRIDCO), Manuel A. Laboy Rivera.
“The Economic Recovery Program provides the necessary tools to companies based in Puerto Rico to deal with the damages caused by the atmospheric phenomenon. I thank the Secretary of Economic Development, Manuel Laboy, for his agile work to provide emergency funds to these companies that are the engine of the economy of the island”, said the Governor.
The program has agile mechanisms to assist companies established in Puerto Rico, particularly Small and Medium Enterprises (SMEs), in the face of damages suffered by Hurricane Maria.
“We have evaluated the funds available from the Industrial Development Company to provide the necessary economic assistance to our industry, especially Small and Medium Enterprises, so that they can reestablish their operations as quickly as possible and minimize the impact that the hurricane may have caused”, said Laboy Rivera.
The DEDC lead stated in his administrative order that “any member of the industrial sector of Puerto Rico that was affected by the atmospheric system may request an incentive of up to $250,000 from the Special Incentives Program for the acquisition of machinery and equipment; raw material and infrastructure, among others”.
In addition, Laboy Rivera authorized the granting of loan guarantees to those who qualify to stimulate the manufacturing and service industries sectors. The amounts of such loans can range from $5,000.00 to $150,000 depending on business volume.
This mechanism would be worked in coordination with the Economic Development Bank (EDB), for which the DEDC Secretary has already carried out the coordination with EDB President, Luis Burdiel.
On the other hand, Laboy Rivera indicated that any tenant who was directly affected by the atmospheric system, can present request of rent concession or discount, accompanied by evidence of the damage suffered.
For additional information, contact the DEDC customer service line at 787-758-4747 Ext. 3499, or e-mail email@example.com.