2024 Laws of Puerto Rico
TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273)
PART IX - Economic Development II (§§ 11001 — 11273)
Chapter 259 - Young Entrepreneurs Incentive and Financing Act (§§ 11191 — 11202)
§ 11199 - Financing; venture capital investment

Subject to the eligibility criteria provided by the Economic Development Bank for Puerto Rico, it is hereby directed:

(a) To develop a specialized program to address the financing and advisory needs of young entrepreneurs. This program shall establish the parameters to give discounts on the fees and interest rates corresponding to the financing of a new business, as defined in this chapter. For the purpose of providing financial advisory services to young entrepreneurs, the Economic Development Bank for Puerto Rico and the Trade and Export Company shall coordinate the manner in which services shall be rendered.

(b) To create a venture capital investment program that shall serve as an incentive to develop new businesses. This program shall establish a Special Investment Capital Fund as an instrument to support the creation of new businesses by young entrepreneurs. The Economic Development Bank for Puerto Rico may enter into agreements within this program that allow for the acquisition of shares and participation in the board of directors of new businesses that receive funds from this program.

History —Aug. 7, 2014, No. 135, § 11.