EDB loans for women entrepreneurs

The EDB program provides up to $15,000 in funding to grow small businesses, with an expedited loan application process.

“We all recognize the increasing leadership role of women in promoting the economic development of our island and the challenges they face juggling multiple roles as professionals, mothers, daughters and wives,” Gov Luis Fortuño said during a press conference touting the program. “We are committed to offer all the help they need to grow and develop their businesses and provide the assistance they deserve.”

Women account for about 25 percent of the EDB’s loan portfolio, up 17 percent since the start of the Fortuño administration in January 2009.

The new Loans for Women Entrepreneurs program is modeled on the EDB’s existing Loans for Businesswomen program, which offers qualifying loans of up to $500,000 with interest rates capped at 1 percent

The original program has granted nearly $88 million on loans to some 628 businesses over the past three years.