The Economic Development Bank raises the placement of loans to local merchants

The president of the Economic Development Bank for Puerto Rico (BDE), Luis Alemañy González, announced a positive balance in the placement of direct financing and commercial credit lines directed at backing small and medium enterprises (SMEs) in various municipalities of the island.

The credit programs, structured in coordination with the federal Small Business Administration (SBA), facilitate loans at preferential interest rates for inventory purchase, operating working capital, and installation of photovoltaic solar systems and commercial emergency generators in food businesses, technical-service companies, and light-manufacturing workshops.

President Luis Alemañy González noted that the BDE's capital injection allows local entrepreneurs to mitigate the high interest rates set by the Federal Reserve in the traditional commercial-banking sector. Commercial-guild representatives highlighted the importance of these facilities for keeping formal jobs in the commerce of traditional urban centers.

Source: Sin Comillas. https://sincomillas.com/el-banco-de-desarrollo-economico-amplia-lineas-de-credito-a-pymes/