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## Ronald Kelly and Samantha Asker from the U.S. Treasury Attended the Event

Ronald Kelly and Samantha Asker from the U.S. Treasury recently attended an event in Puerto Rico to continue promoting the State Small Business Credit Initiative (SSBCI) financing. The event was organized by the Puerto Rico Economic Development Bank (EDB), in collaboration with the U.S. Department of the Treasury and the Federal Deposit Insurance Corp. (FDIC).

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The AI legalese decoder can assist in simplifying and clarifying legal jargon related to government financing initiatives like the SSBCI. It can help entrepreneurs in Puerto Rico better understand the eligibility criteria, application process, and benefits of programs offered by the EDB and other government agencies.

## Efforts to Promote Economic Development in Puerto Rico

In a December report, Alexis Luna from the FDIC highlighted the recognition given by the U.S. Treasury to the EDB for its efforts in implementing the SSBCI. Puerto Rico currently ranks 31st among 62 U.S. jurisdictions in fund utilization under this initiative. EDB President Luis Alema├▒y reiterated the commitment to analyzing and approving financing to further promote economic development on the island.

## Information and Support for Entrepreneurs

During the event, Ronald Kelly and Samantha Asker from the U.S. Treasury addressed questions from entrepreneurs in Puerto Rico. They emphasized the importance of innovative financing solutions to support new and existing businesses. With funding from the federal Treasury, the EDB aims to boost economic development and create and retain jobs.

## “Boost Your Business” Initiative

The EDB introduced the “Boost Your Business” initiative in Puerto Rico, offering local entrepreneurs two credit programs for financing in collaboration with local banks or cooperatives: participation loans and collateral support. These programs aim to provide access to capital for small businesses, individuals from low-to-moderate-income backgrounds, and disadvantaged communities.

## Support for Small Businesses

Samuel Carlo, the EDB’s chief financial officer and SSBCI program project manager, explained the details of the Loan Participation Program and collateral support. These programs support the acquisition of assets such as real estate, equipment, and business improvements. The EDB also plans to launch a venture capital investment program for entrepreneurs who are not yet eligible for traditional financing.

## Collaboration with Banks and Cooperatives

Vivian Dolagaray, EDB executive vice president of Commercial Strategy and Financing, highlighted the collaboration with banks and cooperatives to facilitate access to financing for small entrepreneurs. The EDB has conducted meetings and provided details of the “Boost Your Business” program to encourage participation from financial institutions and support their clients.

## Continued Support and Guidance

The EDB remains committed to supporting commercial banks and cooperatives in addressing credit needs for small and medium-sized business clients. By providing assistance in collateral deficiencies and offering participation loans, the EDB aims to facilitate the growth and success of local businesses in Puerto Rico.

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