Puerto Rico’s Economic Development Bank (BDE) is administering a new business financing program, Legado de Honor, available from Monday, November 9 to veterans, their spouses and survivors so they can start a business or obtain capital for one. Governor Jenniffer González announced it at a press conference, saying the program is available through the BDE’s website.
She said a veteran who has long wanted to open a grocery store, bakery or security company but could not because of money requirements will now be able to do so: Legado de Honor offers loans of up to $500,000 and a line of credit of up to $50,000 to cover rent, payroll and utilities. The loans carry a fixed 6.5% interest rate, and participants receive free assistance to prepare business plans and strengthen their management and business skills.
BDE president Josué E. Rivera, who attended along with Veterans Advocate Agustín Montañez, said loans are usually approved in fewer than 60 business days. Eligible are honorably discharged veterans, National Guard and Reserve retirees, and their spouses or survivors. The program has support from the U.S. Small Business Administration (SBA) and the State Small Business Credit Initiative (SSBCI) of the U.S. Treasury Department, which back the financing through guarantees. Puerto Rico has an estimated 72,728 veterans, it was announced at the event.