Over ¾ of small businesses in Puerto Rico reported losses and ongoing challenges related to Hurricane Maria in 2017, including decreased revenue, increased expenses, and difficulty accessing insurance or other funding. Despite this, business confidence remains high and many small businesses are planning to grow and expand.
Like all regions, small businesses in Puerto Rico need working capital to rebuild and grow. Because of unique economic and regulatory factors, commercial loans in Puerto Rico can be especially difficult to obtain from traditional lenders. 22% of businesses impacted by Hurricane Maria applied for funding to rebuild and continue growing, but many were denied or only partially approved.