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Puerto Rico Gov’t Offers Export Incentives

April 7, 2021 | Caribbean Business

Economic Development Secretary Manuel Cidre (Jaime Rivera/CB)

Initiative Includes an Export Accelerator

SAN JUAN — The secretary of Puerto Rico’s Economic Development and Commerce Department, Manuel Cidre, has announced that his agency will be awarding a combined $425,000 in export incentives.

The initiative includes an accelerator, whereby participants are guided in their business efforts, for which they may be eligible to receive up to $10,000 in subsidies.

“In Puerto Rico, there are many small and medium-sized enterprises (SMEs) that have great potential to export their products or services; however, sometimes they do not have the resources to enter potential markets. Through this initiative, SMEs will have the opportunity to gain access to knowledge and incentives that will allow them to maximize development opportunities in their respective companies,” Cidre said in a statement.

Companies that participate in the export accelerator will have the opportunity to receive individualized advice in developing an export plan, as well as access to incentives for its implementation. The project will be carried out virtually in coordination with Inter American University of Puerto Rico.

When applying for the incentive, companies may receive up to $6,000, which includes travel expenses, business meetings, participation in international events, website translation, marketing campaigns, trademark registration and business intelligence services.

In addition, up to $10,000 will be offered for the development of an e-commerce platform. The incentive must be used to cover design costs for an e-commerce application focused on exporting products and services.

“The global market must be our goal, seven billion human beings are waiting for us and they could be our potential customers,” Cidre added. “We urge all entrepreneurs interested in exporting their products or services to seize this opportunity. Those who are already exporting could take their business to the next level and those who are not exporting will benefit from the export accelerator that will be provided with guidance and direction from experts on the steps they must take to implement their export plan.”

The incentives are made available through the Small Business Administration’s State Trade and Export Promotion Grant (STEP) program. STEP is a federal initiative that helps subsidize the creation of economic assistance programs with the goal of increasing the number of small and medium-sized enterprises.

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