This program strengthens innovative SMEs, giving them the opportunity to obtain the capital they need to start or scale their operations, in the hopes of commercializing and exporting their innovations internationally. Through a financial grant of up to a maximum of $100,000, assistance is provided to these small businesses and start-ups to help them guide their growth plans. The money comes from the Special Fund for Economic Development (Act 73-2008), so the companies that apply have to carry out eligible activities under Act 73-2008 and Act 20-2012.
WHO CAN APPLY?
- Companies with internal or subcontracted management in strategic sectors such as, but not limited to: advanced manufacturing, aerospace, bio-economy (pharmaceuticals, biotechnology and medical devices), environmental sciences, energy and technology, whose businesses are aimed at serving as a supplier critical, substitute imports or export goods or services. The company must demonstrate that it is incurring expenses for research and development activities that result in changes to products, services or processes that improve their performance and commercial value.
- Company established in Puerto Rico and that maintains operations in Puerto Rico. If it is not established in PR, you can request the incentive for operations established in PR and comply with all the requirements of the program.
- Companies with gross sales less than $ 3,000,000 that invest in science and technology-based innovation as part of their business model. All petitioners with less than three (3) years of operations must have gone through a training process or have previous business experience.
Puerto Rico has initiatives to boost the local economy, including incentives in different industries, with the intention of motivating businessmen and entrepreneurs to open their businesses on the Island or make the decision to expand their business. The objective is to promote the well-being and growth of micro, small and medium-sized enterprises (SMEs). By supporting young entrepreneurs, creative industries, agriculture, among others, the spirit of economic growth is fostered and the potential of these brilliant entrepreneurs is fully exploited.