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US awards Puerto Rico $5M for small businesses

September 24, 2014

SAN JUAN, Puerto Rico (AP) — The U.S. Treasury Department is allocating $5 million to help small businesses grow in Puerto Rico as the U.S. territory struggles with a recession.

Treasury officials said Wednesday that Puerto Rico’s Economic Development Bank will use the money for private lending.

It is the third and final allocation under a federal program that has awarded $14.5 million to Puerto Rico.

The island of 3.67 million people is in its eighth year in recession and has a 13.5 percent unemployment rate.

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