Puerto Rico Economic Development Bank Secures $30 Million Under SSBCI

August 7, 2024

Delaney Sexton
Contributing Editor

Puerto Rico Economic Development Bank Secures $30 Million Under SSBCI

“This Venture Capital Program will provide access to capital for entrepreneurs who are raising or have raised investment capital,” EDB President Luis Alemañy says. “With this program, we are supporting more companies in continuing their expansion by providing the necessary capital for growth. We will reinvest the $30 million constantly in other businesses once we start redeeming the investments, to support the creation of more businesses and jobs on the island.”

The $30 million allocation from the SSBCI will support a new venture capital program in Puerto Rico. It is a collaboration between the Puerto Rico Economic Development Bank (EDB) and the Puerto Rico Science, Technology and Research Trust. The new program will allow the EDB to invest in qualified companies that already secured private capital and undergone a formal evaluation process. Its focus will be on private companies in early stages, including pre-seed, seed, bridge, and Series A investment rounds.

Applications for the program began today!

“This program will strengthen our local economy in the medium and long term and help high-risk companies that do not have access to or ease of traditional financing from commercial banks to grow their operations,” Alemañy emphasizes. “We continue to demonstrate our commitment in creating a healthy investment environment that results in economic benefits for entrepreneurs on the island.”

Source:
NIMB Press Release