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In response to the massive destruction caused by Hurricanes Irma and Maria, Bio-nuclear of Puerto Rico, Inc. sought to help the Commonwealth of Puerto Rico both physically and economically by addressing future natural disasters and the persistent poverty in the area.
In FY 2018, EDA awarded $4,442,000 in Disaster Relief funds to the Puerto Rico Science, Technology and Research Trust to construct a 30,000 square-foot building called The Forward Center, which will house up to 60 technology startups, and Bio-nuclear of Puerto Rico, a manufacturing company that researches and develops prototype activity or prototypes of neuro-modulator medical devices. The project provides space to expand Bio-nuclear’s operations, thereby creating new high-skill jobs. It also supports local entrepreneurship by providing co-location space for early-stage companies enrolled in Parallel18 Venture’s programs. This will help the Puerto Rican economy diversify, promote resiliency, and addresses out-migration by providing attractive facilities for Puerto Rican entrepreneurs to grow their early stage businesses without relocating to the mainland.
According to grantee estimates, the project is expected to create 687 jobs. In addition, this project will advance the establishment of the Governor’s Economic Recovery Plan for Puerto Rico and promote bio-tech research and development and advanced manufacturing as leading initiatives to drive the economic recovery of Puerto Rico.