|Program||# of Grants||EDA Funds|
During Fiscal Year 2013, EDA invested $1,645,519 in two projects in the Commonwealth of Puerto Rico. These projects are expected to create or retain 60 jobs and leverage $3,000,000 in private investment, according to grantee estimates. EDA’s investments help Puerto Rico communities achieve bottom-up, locally-defined economic development goals and strategies.
EDA offers a complementary, balanced portfolio of grant programs designed to help rural and urban communities grow their private sectors and create jobs.
Investment Spotlight: Regional Tourism and Hospitality Business Incubator
Home to some of the world’s most beautiful beaches and rainforests, the East Region of Puerto Rico is a world-class resort destination. Although travel and tourism jobs make up a significant portion of the region’s employment, significant opportunities exist for new business growth and job creation in the industry.
In August 2013, EDA invested $1.6 million to support construction of a business incubator, the UNE's Innovation Incubator for Food, Hospitality & Technology (UIIFHT) on the campus of Sistema Universidad Ana G. Mendez, Universidad del Este (SUAGM-UNE). The program will target business assistance to young firms in the tourism, culinary arts and technology industries at their earliest stage of development, providing critical early stage support.
The incubator will connect experienced former business executives with these companies as consultants to give advice, executable strategies and hands-on expertise, allowing firms to avoid mistakes that might otherwise be fatal to sustaining, growing or expanding businesses in the food, technology, and hospitality industry. The program expects to grow 12 new enterprises in the next few years, generating 60 new jobs with the potential of $3 million in gross sales.