The city of San Juan will allocate $2 million in ordinary funds to support merchants and drive its economic transformation plan, supplemented by federal CDBG incentive funds, lawyer Pablo Rovira Bonnin said Friday, October 23, in an interview on El Calentón. Grants run up to $75,000 for small and medium-sized businesses and up to $150,000 for larger businesses.
Both new and existing businesses may apply. A new business with 1 to 25 employees and revenue volume of $3 million qualifies as a small or medium enterprise (pyme) and can receive up to $75,000, Rovira Bonnin explained. The money is a cash grant with no repayment requirement, and can be used for payroll, utilities, State Insurance Fund payments, buying machinery, expansions, or getting established.
Businesses above those categories enter as larger businesses and may reach the $150,000 cap. Businesses in strategic sectors can also receive the incentive up to the cap depending on points.