Impulso Empresarial Program

To qualify for a loan under the Impulso Empresarial program, the applicant must be:

• A resident of Puerto Rico or a legal entity organized under the laws of Puerto Rico, or an entity legally authorized to do business in Puerto Rico;
• A non-profit or a for-profit business
• A business whose main operations are in Puerto Rico; and
• Meet all fiscal and governmental requirements, such as:
  • Certification from the Treasury Department of no outstanding debt
  • Certification from the Treasury Department that a tax return has been filed
  • Certification from the Treasury Department that the business is registered
  • Certification from the Administración para el Sustento de Menores (ASUME) of no outstanding debt
  • Certification from the Labor Department of compliance with unemployment, disability and drivers insurance
  • Certification of “good standing” from the State Department
  • Certification to do business from the State Department

The following do not qualify:

• Religious organizations;
• Radio and television stations, newspapers, books or magazines;
• Professional associations or condominium or urbanization associations
• Municipalities and agencies or instrumentalities of government; and
• The Impulso Empresarial guarantee may not be combined with other local or federal guarantees such as those from the SBA (Small Business Administration)
• Businesses dedicated exclusively to the manufacturing or sale of liquor
• Businesses dedicated exclusively to the manufacturing or sale of tobacco

All applications submitted for evaluation by the Impulso Empresarial team will be evaluated on their own merits and exceptions may be considered, if warranted. In general, however, the allowed uses are:

• Working capital;
• Purchase of equipment or inventory;
• Purchase, improvement or construction of a property for the business;
• Expenses of opening a new business; and/or
• Operational financing for the business, including exports;

Loans of up to $5,000,000.00 may be requested. Exceptions may be considered for greater amounts, if warranted.

The interest rate may be fixed or variable. The interest rate limits, depending on the corresponding segment are:

There is no specific term that applies to all loans. The term will be negotiated with the participating bank and will vary case by case.The term of the guarantee does have a maximum limit of 7 years from the date of the closing.

The program provides 25% guarantee on loans and lines of credit up to $5,000,000 and 20% on loans and lines of credit over $5,000,000

The guarantee will cover the original principal balance and will not depreciate during the 7 years in which the guarantee will be in effect.

Anyone interested in applying for a loan under the Impulso Empresarial program should apply through the banking institution of his or her choice that is participating in this program (see a list of participating banks under question #10 below).

The applicant must provide all the documents required by the banking institution and fiscal and governmental certifications of compliance (as outlined under question #2).

The banking institution will make a preliminary evaluation and if the applicant and the use of the loan are eligible, the participating bank will submit the loan for evaluation by the Impulso Empresarial committee. Within 10 calendar days, the committee will provide the bank with a final decision on whether the loan qualifies for the program.

The bank will close the loan within 60 days of the approval by the Impulso Empresarial committee. This period can be extended for an additional 30 days, if necessary.