The Puerto Rico Development Fund was created in 1977 to expand the financing sources available for the development of the private sector of the economy of Puerto Rico and to complement the Bank’s lending program in this area.
The Puerto Rico Development Fund has the legal power to invest in capital stock and guarantee long-term loans for private businesses that are unable to obtain credit form private banking institutions.
In 1978, the Development Fund issued a total debt of $25 million, complementing its original capital of $5 million and enabling it to expand its assistance to the private sector.
The Development Fund provides an alternate source of financing to private enterprises in Puerto Rico that have difficulties in obtaining financing from traditional sources. The Development Fund can also guarantee obligations of these enterprises and invest in their equity securities.
As of May 31, 2007, the Development Fund had no investments due to the sale of most of its assets to the Economic Development Bank for Puerto Rico in June 2006.
Contact Information
Juan Carlos Batlle
President
Tel. (787) 722-2525 x-2001/2002
Fax (787) 721-1443