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Safe haven for island businesses in case of an emergency

Business Creation and Recovery Center in Caguas inaugurates new headquarters with an $8.4 million investment

October 4, 2024 - 8:03 AM

The new building is located next to the public square in Caguas. (Suministrada)

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The challenges faced by businesses after Hurricanes Irma and María in 2017 prompted central and southeastern municipalities to establish a building that would serve as an operations center in the event of another similar emergency in Puerto Rico, threatening the survival of local businesses.

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Lee este artículo en español.

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The East Central Technology Initiative (INTECO), a consortium that includes a dozen municipalities, inaugurated a new center in the town of Caguas on Thursday. The expectation is that this new facility will serve as an operations hub for businesses in the so-called Ciudad Criolla, Aguas Buenas, Cayey, and other neighboring towns during emergencies. From this center, business owners can continue their operations during crises to avoid the service disruptions that severely impacted the business sector following the hurricanes and during the COVID-19 pandemic.

The Business Creation and Recovery Center in Caguas required an investment of $8.4 million. Of these funds, $7.1 million were allocated by the federal Economic Development Administration (EDA), with an additional $647,000 contributed by the municipality, and the remaining funds coming from the Department of Economic Development and Commerce (DDEC) and INTECO itself.

The EDA also allocated $891,873 to cover the center’s operations during its first two years.

Caguas Mayor William Miranda Torres stated in a press conference that, once the initial funds are exhausted, the center will operate—partly—using rent collected from businesses that will occupy the new facilities.

INTECO is a municipal organization consisting of 12 participating municipalities, including Caguas, Aguas Buenas, Cidra, Cayey, Comerío, San Lorenzo, Naguabo, and Yabucoa. The expectation is that businesses in these towns will be able to use the facilities after an emergency, provided they are up to date with the payment of municipal taxes in their respective towns.

DDEC Secretary Manuel Cidre emphasized that the center will help ensure business continuity in the area during emergencies.

“Puerto Rico can’t handle constant changes every four years. Puerto Rico’s economic development can’t be based on a four-year strategy. It needs to be a long-term strategy, so that future administrations are committed to building centers like this one, which strengthen urban centers and provide small and medium-sized businesses with spaces to create, develop, and protect themselves in the event of a disaster,” said Cidre.

In the event of an emergency affecting basic services, businesses will be able to operate from the center, where they will have access to telecommunications, electricity, water, and even showers.

“The center will offer businesses, companies, and industries in the region the possibility of maintaining their administrative operations for up to 30 days at no cost during an emergency. To access this service, businesses must be up to date with the payment of municipal taxes in any of the 12 member municipalities,” said the mayor of Ciudad Criolla.

Services Beyond Emergencies

The new building, located next to the public square in Caguas, previously housed a clothing store. After the store closed more than 15 years ago, the lot remained abandoned. The property was owned by the municipality, which donated it to INTECO for the construction of the new center.

The center spans 15,000 square feet across two floors. It features an electric generator, battery backup, solar panels, and two water cisterns, one of which collects rainwater for the sanitation system.

When there is no emergency, the center will host businesses that can rent the space and will also be used to offer seminars and training sessions. Additionally, the second floor will be used as an accelerator for around 20 start-up companies, which have yet to be selected.

Oscar Jiménez, CEO of INTECO, explained that plans to develop the center began in March 2018.”It is today, six and a half years later, that we finally have the center ready to serve the business community of Caguas and 11 other member municipalities in the central region,” Jiménez affirmed.

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This content was translated from Spanish to English using artificial intelligence and was reviewed by an editor before being published.

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