Above: Puerto Rico Governor Luis Fortuño at the launch (Photo: OG Puerto Rico)

By the Caribbean Journal staff

Puerto Rico Governor Luis Fortuño has launched a new programme to provide funding to female entrepreneurs in the territory.

The plan provides up to $15,000 in funding to expand 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, even more, all the challenges they face managing multiple roles as professionals, mothers, daughters and wives,” Fortuño said. “[That’s] why we are committed to offer all the aid they need to grow and develop their businesses and provide the helping hand they deserve.”

The goal of the banking project, which is called the Loan for Women Entrepeneurs, is modeled on the Loan for Business Women, which provides women with qualifying loans of up to $500,000 with an interest of no more than 1 percent.

That latter programme has provided 628 woman-owned businesses with these loans in the last three years, for a total of $87.8 million.

Approximately 25 percent of loans in the portfolio of the Development Bank of Puerto Rico are to women, an incrase of 17 percent since January 2009.