The Treasury Department is espousing the benefits of Puerto Rico receiving up to $109 million through the State Small Business Credit Initiative (SSBCI) to promote small business growth and entrepreneurship.
“Empowering small businesses and entrepreneurs, especially in traditionally underserved communities, is critical to advancing our shared vision for a more equitable economy,” Deputy Secretary of the Treasury Wally Adeyemo said. The effort underscores the Biden-Harris Administration’s commitment to the people of Puerto Rico and the goal of creating economic opportunity.
The Treasury Department has now announced the approval of state and territory plans corresponding to more than $6 billion in SSBCI funding to support small businesses and entrepreneurship while expanding capital access.
Additionally, the Treasury Department previously announced plans to allocate $300 million in technical assistance funding through SSBCI, revealing a portion of which would be delivered in partnership with the Minority Business Development Agency at the Department of Commerce.
The funds earmarked for Puerto Rico are slated to operate two programs – a loan participation program and a collateral support program, which will provide collateralized guarantees to lenders and allow for broader participation of financial institutions operating in Puerto Rico. The loan participation program will participate in commercial loans and loans targeting specific strategic sectors for economic development.
“I’d like to thank our federal partners at Treasury for this necessary investment that will help the backbone of the Puerto Rican economy: small businesses and entrepreneurs,” Deputy Secretary of Commerce and Puerto Rico Economic Growth Coordinator Don Graves said. “This opportunity helps ensure that all businesses in every corner of the archipelago, especially small and disadvantaged businesses, can participate and benefit.”