U.S. Department of Commerce Invests $600,000 to Support Small Business Growth in Puerto Rico

WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $600,000 grant to Friends of Puerto Rico in Aguadilla, to support small business growth in the region.

This grant will establish a technical assistance program to provide training, education, and access to funding for small businesses impacted by Hurricane Fiona. This EDA investment will be matched with $150,000 in local funds.

“The Economic Development Administration works to provide communities, including those impacted by natural disasters, with the vital resources they need for businesses to thrive,” said Acting Assistant Secretary of Commerce for Economic Development Cristina Killingsworth. “This investment will help foster entrepreneurial innovation and small business development in Puerto Rico, creating economic resiliency in the region.”

“We are grateful to the Biden Administration and the EDA for recognizing the need for support in Puerto Rico and for providing this critical funding. This EDA grant will be a lifeline for our local entrepreneurs, helping them access the resources they need to recover and continue contributing to the economic vitality of their communities and Puerto Rico,” said Governor Pedro Pierluisi. “They are the backbone of our economy and have faced immense challenges in the wake of Hurricane Fiona and other events. Thank you to the EDA for its commitment to strengthening Puerto Rico’s economic resilience and helping build a more prosperous future for our island.”

“I am pleased that the Economic Development Administration recognizes the critical need to support Puerto Rico’s recovery and small business growth. This investment is a lifeline for entrepreneurs who have faced immense challenges after Hurricane Fiona, providing them with the training, resources, and funding necessary to succeed,” said Representative Jenniffer González-Colón (PR). “I commend Friends of Puerto Rico for their dedication to fostering economic growth and resilience in our communities. This $600,000 grant from EDA will be instrumental in helping Friends of Puerto Rico to continue empowering other small businesses in Aguadilla and across the region by providing them with essential training, education, and access to funding.”

This project is funded under the Disaster Relief Supplemental Appropriations Act, 2023, which provided EDA with $483 million in additional Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery for areas that received a major disaster declaration under the Robert T. Stafford Act as a result of Hurricanes Ian and Fiona, wildfires, flooding, and other natural disasters occurring in calendar years 2021 and 2022. Please visit EDA’s Disaster Supplemental webpage for more information.

About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.