P.R. Laws tit. 23, § 11082
Micro, small-, and medium-sized businesses are the backbone of Puerto Rico’s economy. Given their capacity and potential to generate well-paid jobs, global economies bet on providing this sector with countless incentives.
According to data obtained from the economic census conducted by the United States Census Bureau, thirteen thousand one hundred twenty-seven (13,127) small- and medium-sized businesses were operating in Puerto Rico in 1992. Ten (10) years later, the number of small- and medium-sized businesses dropped to ten thousand seven hundred thirteen (10,713), which represents a 23% reduction in the number of commercial establishments.
Today, the atmosphere and the environment for doing business for micro, small, and medium-sized businesses have become even more challenging; consequently, many entrepreneurs have found themselves at a crossroads where they must choose to close down or file for bankruptcy.
Recognizing this sector’s capacity to generate well-paid jobs, it is hereby provided that small- and medium-sized businesses shall be the cornerstone of the Island’s economic development plan. Thus, the Government of the Commonwealth of Puerto Rico is strongly committed to, firstly, make micro, small-, and medium-sized businesses a priority by providing them with incentives to create jobs or to maintain existing ones, as well as with any assistance available for entrepreneurs to help them defray operating expenses.
History —June 11, 2014, No. 62. § 3.