P.R. Laws tit. 7, § 611q
(a) To direct the Economic Development Bank for Puerto Rico to establish a Special Fund for emergency loans to small businesses of the tourism sector of Puerto Rico including inns, small hostelries, travel agencies and tour companies with gross sales of less than two million dollars ($2,000,000) annually. Said loans shall be used for the payment of payrolls up to a maximum of twenty-five thousand dollars ($25,000) and which loans shall be made at a maximum interest of two point twenty-five percent (2.25%) over the prime rate for a maximum term of [seven] (7) years and with a moratorium during the first year, to help said companies overcome the present crisis. Said loans may be secured up to an eighty-five percent (85%) by the Federal Small Business Administration.
(b) The Economic Development Bank for Puerto Rico and the Government Development Bank are hereby authorized to create the mechanisms needed to grant the Fund the sum of five hundred thousand dollars ($500,000) as initial capitalization. These funds shall be matched with a Special Appropriation of the Legislature from unencumbered funds so that the fund reaches the sum of one million dollars ($1,000,000).
(c) The Development Bank shall determine the reasonable time during which this Fund shall remain active, since it is one of emergency nature.
(d) The Development Bank shall submit an annual report on loans granted and the financial situation of the Fund to the Legislature.
History —Jan. 5, 2002, No. 16, §§ 1—4.