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LEGAL AUTHORITY
Act. No. 22 of July 24, 1985,
as amended, known as the Puerto Rico Economic Development Bank Act created the Puerto Rico Economic Development Bank as a corporation and policy making institution of the Commonwealth of Puerto Rico.
MISSION
To facilitate financial products to small and medium businesses, contributing mainly to employment creation and retention and thereby supporting Puerto Rico's economic development.
ORGANIZATIONAL STRUCTURE
- Board of Directors
- Business Development
- Credit
- Finance and Operations
- Human Resources
- Internal Audit Office
- Legal Affairs Office
- Office of the President
- Risk and Compliance
PROGRAM
Credit Services
Program Description
The Bank provides financing, loan guarantees and investment capital to any person, firm, corporation, cooperative, non-profit institution or other private organism that is involved in manufacturing, commerce, agriculture, tourism and services, preferably to small and medium Puerto Rican entrepreneurs.
| Statistical Data |
2011 |
2012 |
2013 |
|
| Amount of dollars in loans approved |
188 |
190 |
192 |
| Approved loans |
683 |
550 |
800 |
| Customers served |
4,332 |
6,000 |
6,500 |
| Disbursed funds for loans |
124 |
150 |
150 |
| Guarantees awarded |
28 |
100 |
100 |
| Guidance |
4,332 |
7,000 |
8,000 |
| Loan applications |
939 |
900 |
1,250 |
| Retained jobs |
15,898 |
20,000 |
20,000 |
Customers
Small and medium enterprises from all sectors of the economy, governmental agencies, commercial banks and brokerage houses.
FISCAL YEAR 2012-2013 ADOPTED BUDGET
The adopted consolidated budget for Fiscal Year 2012-2013 amounts to $12,767,000 in Revenues from Internal Sources generated form interest on investments and lending activities.
Operational expenses reflect an increase of $954,000 when compared to funds assigned in Fiscal Year 2011-2012. The Bank estimates more loans will be provided to entrepreneurs that promote employee retention and creation and will establish credit programs that meet the needs of small businesses and farmers. To increase the number of deposits and its liquidity, the Bank wil be promoted as a banking option for Agencies.
SUMMARY OF AVAILABLE RESOURCES
| Consolidated Budget (thousands $) |
2010 |
2011 |
2012 |
2013 |
|
| Program |
|
| Operational Expenses |
Actual |
Actual |
Budget |
Adopted |
| Credit Services |
50,890 |
11,318 |
11,813 |
12,767 |
| Subtotal, Operational Expenses |
50,890 |
11,318 |
11,813 |
12,767 |
| Total, Program |
50,890 |
11,318 |
11,813 |
12,767 |
| |
| Funding Sources |
|
| Operational Expenses |
|
| Other Income |
40,000 |
0 |
0 |
0 |
| Revenues from Internal Sources |
10,890 |
11,318 |
11,813 |
12,767 |
| Subtotal, Operational Expenses |
50,890 |
11,318 |
11,813 |
12,767 |
| Total, Funding Sources |
50,890 |
11,318 |
11,813 |
12,767 |
| |
| Expense Category |
|
| Operational Expenses |
|
| Payroll and Related Expenses |
8,382 |
8,184 |
8,800 |
9,950 |
| Rent and Utilities |
573 |
536 |
511 |
631 |
| Purchased Services |
636 |
1,412 |
656 |
670 |
| Transportation Expenses |
102 |
90 |
105 |
105 |
| Professional Services |
481 |
645 |
946 |
446 |
| Other Expenses |
344 |
81 |
401 |
471 |
| Non Distributed Allocations |
40,000 |
0 |
0 |
0 |
| Office Supplies and other Materials |
57 |
43 |
44 |
44 |
| Advertising and Media Expenses |
315 |
327 |
350 |
450 |
| Subtotal, Operational Expenses |
50,890 |
11,318 |
11,813 |
12,767 |
| Total, Expense Category |
50,890 |
11,318 |
11,813 |
12,767 |
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