House economic-development committee reviews bill to revive young-entrepreneurs program after bank disputes and returned funds

The Puerto Rico House Commission on Economic Development reviewed House Bill 149 on March 17, 2025, a measure by Representative Ángel Morey Nobles that would amend Act 389 (2004) to relaunch a program to help young entrepreneurs access financing and expedited permitting.

The bill would revise articles 2, 3 and 4 of Act 389-2004 to charge the Banco de Desarrollo Económico para Puerto Rico (the bank) and the Department of Economic Development (DDEC) with coordinating a youth entrepreneurship program that combines capital access and a referral system to speed permits and certifications for participating entrepreneurs.

Licenciada Bianca Rivera of the Department of Economic Development, who identified herself as the staff member handling legislative affairs for the department, and Charlene Newman, director of the Youth Development Program, testified to the commission. Rivera said the department has tried multiple initiatives over the years to support young entrepreneurs and described the bill’s two main proposals: that the DDEC collaborate with the Banco de Desarrollo Económico on the program and that an online link be created to speed permit review for participating businesses. "A través de los años, el Departamento de Desarrollo Económico ha implementado diversas iniciativas para apoyar y facilitar el desarrollo empresarial de los jóvenes en Puerto Rico," Rivera told the committee.

Newman described the bank’s previous collaboration, saying the DDEC had assigned funds and prepared entrepreneurs for loan applications but that the bank later required different terms when applicants arrived. "Ellos nos devolvieron…