|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||1||$800,000|
Strategically located midway between North and South America, Puerto Rico is an ideal location for companies looking to export. Despite being a fertile launching pad for global markets, small and mid-sized enterprises (SMEs), which make up approximately 95 percent of companies in Puerto Rico, often lack the support they need to tap into their export potential. In September 2014, EDA announced an $800,000 investment to assist the Puerto Rico Trade and Export Company and the Puerto Rico Industrial Development Company to expand the number of SMEs that have achieved export capacity standards, increase operations and job opportunities by opening to new global markets.
Through joint efforts with Puerto Rico Trade and Export Company's current international commercial offices (Panama, Dominican Republic, Spain), the SMEs have an advantage in receiving valuable outreach and export assistance from these Latin America and regional territories to further advance economic development of the island by promoting various initiatives and increase the global competitiveness and readiness of SMEs. The investment also strengthens PR Trade's global linkages by receiving input from international buyers and U. S. federal and state governments on local SMEs responses and outreach to the various agencies based on the quality and readiness of their offer and competitiveness.
One of the project’s largest events to date was a forum in December 2014 to inform companies on how to do business with the aeronautical industry, leveraging the announcement of a new Lufthansa Maintenance, Repair Overhaul (MRO) facility currently under construction in Aguadilla. A total of 457 SMEs attended the event. Moreover, the Lufthansa Technik (LHT) team brought 16 employees from Germany, Hungary and Malta to attend the event and meet with potential suppliers.