Various entities continue to offer incentives to businesses economically affected as a result of the Covid-19 pandemic, for which they urge entrepreneurs to take advantage of the aid that remains in force.
Small businesses with fewer than 500 employees that started operations before February 1, 2020, can still apply for the Small Business Administration (SBA) Economic Damage Disaster Loan (EIDL), with interest rates of 3.75% for small businesses and 2.75% for non-profit organizations. If the application is approved, the company may have up to six months of working capital, with a limit of $ 150,000. This benefit can be requested until December 31.
The SBA deputy district director for Puerto Rico and the United States Virgin Islands, María de los Ángeles de Jesús, reported that the entity will also hold online seminars on EIDL on December 28 and 30.
These workshops will cover topics such as the application form guide, the reasons for denial, and the reconsideration process. Applications should be sent to https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans.
Help for companies in Humacao
Meanwhile, businesses located in the municipality of Humacao have until December 30 to benefit from the extension of a $ 500 incentive.
The program awards the cash to micro and small businesses that have suffered a reduction in income as a result of the Covid-19 public health emergency.
The municipal program will provide financial assistance to the first 1,000 businesses to apply through the official Facebook page of the municipality, or by sending a request by email to [email protected].
On the other hand, the non-profit organization PathStone Enterprise Center, Inc. (PECI) received $ 500,000 from the Citi Foundation, to support small businesses affected by the earthquakes and the Covid-19 emergency in Puerto Rico.
The donation will increase PECI’s ability to help a greater number of small and medium-sized businesses through access to capital and technical assistance during the pandemic.
A part of the funds will be used for commercial loans and technical assistance to small companies in minority sectors and with higher risk around the Island. For more information about PECI’s aid to small and medium-sized companies, you can visit the page https://pathstonepuertorico.org or write to [email protected].
Other loan program
USDA Rural Development also announced grants through its undersecretary, Bette Brand, who reported that funding applications are available for revolving loan programs to support rural businesses and community development projects.
Subject to the availability of funds, loans will be established through USDA’s Intermediary Loan Program (IRP). Eligible entities include non-profit organizations, cooperatives, and public agencies.
IRP loan funds can be granted to acquire, build or expand a business, purchase or develop land, purchase equipment, machinery or supplies, or for start-up costs and working capital.
This assistance focuses on infrastructure improvements, business development, housing and community facilities such as schools, in addition to addressing public and medical safety, as well as high-speed internet access in rural areas. For more information visit www.rd.usda.gov.
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