July 25, 2021

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DDEC and BDE reduce interest rate on loan aimed at young entrepreneurs

“After conversations with the Economic Development Bank, we agreed to reduce the interest on the loan, which previously was eight percent,” explained Laboy Rivera in a written communication.

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SAN JUAN – The secretary of the Department of Economic Development and Commerce (DDEC), Manuel Laboy Rivera and the president of the Economic Development Bank (BDE), Pablo Muñiz Reyes, signed on Tuesday, a collaborative agreement that reduces the interest paid to three percent It will be awarded to loan applicants under the “Young Entrepreneur” initiative of the DDEC Youth Development Program (PDJ).

“After discussions with the Economic Development Bank, we agreed to reduce the interest on the loan, which was previously eight percent. We urge young people with business plans to orient themselves and apply for this loan, which will now have a low interest rate of 3 percent, on or before November 9. Since we announced the availability of 1,000,000 dollars to help the establishment of 100 micro-businesses, 30 cases have been processed and of these 23 loans are close to completing the banking process, so that 230,000 dollars will be disbursed soon, under the new interest rate ”Explained Laboy Rivera in written communication.

Governor Wanda Vázquez Garced stressed that “through ‘Young Entrepreneur’, applicants will receive funds to direct their business proposals. This initiative translates into investment and job creation, which responds to one of the main objectives of our administration, to empower youth and offer them viable alternatives so that they can be inserted in the economic development of Puerto Rico ”.

The president of the BDE, mentioned “the mission of this administration is to ensure that Puerto Ricans can implement their business dreams. It is part of the mission of the Economic Development Bank to achieve financial products that are accessible to youth and more in the midst of a Pandemic. The interest achieved is historical, very attractive and competitive in the market. I know that with this initiative we will be able to promote a new generation of entrepreneurs and these in turn will help the country to promote economic development and job creation ”.

This initiative comes into force from Law 35 of 2003, which orders the creation of a loan program aimed at young people for the development of small businesses.

The director of the DDEC PDJ, Roberto Carlos Pagán Santiago, explained “the young people who can qualify for this program are those who are going to develop new businesses, between the ages of 21 to 29 years and meet the requirements established by our program and the Economic Development Bank. The loan of ‘Young Entrepreneur’ is subject to the availability of funds, for this reason we invite those interested to request the aid on or before the established deadline “.

For more information, you can communicate to the Youth Development Program through the following email: [email protected].

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