U.S. Department of Commerce Allocates $600,000 Grant to Aid Puerto Rico’s Small Businesses
WASHINGTON – In an initiative to bolster economic growth in Puerto Rico, the U.S. Department of Commerce’s Economic Development Administration (EDA) has announced a $600,000 grant awarded to Friends of Puerto Rico located in Aguadilla. This grant is aimed at facilitating the expansion of small businesses in the region.
The financial support will be used to create a technical assistance program focused on training, education, and funding access for small businesses that were adversely affected by Hurricane Fiona. The EDA’s investment will be supplemented with an additional $150,000 from local funds.
Cristina Killingsworth, Acting Assistant Secretary of Commerce for Economic Development, emphasized the EDA’s commitment to empowering communities through essential resources. “The Economic Development Administration works to provide communities, including those impacted by natural disasters, with the vital resources they need for businesses to thrive,” she stated. “This investment will help foster entrepreneurial innovation and small business development in Puerto Rico, creating economic resiliency in the region.”
Governor Pedro Pierluisi expressed gratitude towards the Biden Administration and the EDA, acknowledging the significance of the funding. “We are grateful to the Biden Administration and the EDA for recognizing the need for support in Puerto Rico and for providing this critical funding. This EDA grant will be a lifeline for our local entrepreneurs, helping them access the resources they need to recover and continue contributing to the economic vitality of their communities and Puerto Rico,” he remarked. He further stressed the role of small businesses as the backbone of the economy, particularly in the aftermath of Hurricane Fiona.
Representative Jenniffer González-Colón (PR) also commended the EDA’s decision, highlighting the grant’s importance for Puerto Rico’s recovery. “I am pleased that the Economic Development Administration recognizes the critical need to support Puerto Rico’s recovery and small business growth. This investment is a lifeline for entrepreneurs who have faced immense challenges after Hurricane Fiona, providing them with the training, resources, and funding necessary to succeed,” she stated. González-Colón acknowledged the efforts of Friends of Puerto Rico in driving economic resilience and growth.
This initiative is part of the Disaster Relief Supplemental Appropriations Act, 2023, which allocated $483 million in additional funds to the Economic Adjustment Assistance (EAA) Program for disaster relief and recovery. The funds are designated for areas that received a major disaster declaration under the Robert T. Stafford Act due to natural disasters like Hurricanes Ian and Fiona, wildfires, and floods in 2021 and 2022. For further details, visit the EDA’s Disaster Supplemental webpage.
