The Secretary of the Department of Economic Development and Trade (DDEC), Manuel Cidre Miranda announced this morning the launch of new initiatives for local small and medium businesses. These are directed at a variety of commercial activities that promote economic and job growth.
“This year has been key for many citizens to take the first step to undertake that business idea that perhaps they had been contemplating for years, but that perhaps due to lack of capital they had not been able to start. Today, thanks to this set of SME Development initiatives of the Trade and Export Program, we offer our entrepreneurs the opportunity to get the capital, resources and assistance necessary to make that business dream a reality. At the DDEC, we want to continue supporting our companies, from their business idea to the expansion of their products or services. In this way, we not only contribute to strengthening our small and medium entrepreneurs, but we also promote the development of a strain of innovative entrepreneurs with a vision of the future that contributes to our economy, in line with the public policy of Governor Pedro R. Pierluisi” said Cidre Miranda.
The 5 initiatives are available for existing businesses and new ones for strategies on an operational, promotional, and technological level. With the Capital Semilla program, new businesses with 12 months of operations or less the opportunity to obtain an economic incentive of up to $10,000 per business through a fund matching process for operational capital. These incentives may be used for equipment, machinery, raw materials, and other operational capital.
The Acquisition of Machinery and Equipment Program offers an economic incentive by reimbursement of up to 30% of the total cost of the committed investment for up to $10,000. This Program is exclusively for existing SME’s. This Program is for the purchase of equipment, machinery, spendings for process automations, resiliency equipment and others.
The Department will also subsidize promotional products and services for SME’s through digital marketing. Likewise, they will subsidize the development of E-Commerce platforms so that SMEs can sell their products and services online. In line with these initiatives the Department will also subsidize the internet services of up to 5 mbps for six months once approved by the Program of Trade and Export. The funds for the development of these last three initiatives are from the federal grant that the DDEC receives from the Economic Development Administration (EDA). Applications will be available on the portal http://www.refuerzoeconomico.com/