Governor Jenniffer González Colón announced this Monday the launch of the Legacy of Honor Financing Programa new alternative to access capital aimed at the military and veteran community, their spouses and surviving spouses.
According to the United States Department of Veterans Affairs (VA), Puerto Rico has an estimated population of 72,728 veterans. In 2025, the federal Department registered 5,972 participants in educational programs for veterans and their families, in addition to guaranteeing 877 mortgage loans in Puerto Rico for a total of $217.3 million.
“This initiative responds to a commitment that I made with our veterans, to make Puerto Rico one of the jurisdictions with the best benefits and incentives for our veterans. The veteran who has spent years with the idea of opening his grocery store, his bakery or his security company, and who has not been able to because they ask him for money that he does not have. With Legacy of Honor, That veteran can receive a loan of up to $500,000 and a line of credit of up to $50,000 to cover rent, payroll and utilities“said the governor.
Loan terms can reach up to five years for working capital, seven years for equipment, ten years for permanent improvements and up to twenty years for property purchases. They also include a six-month principal moratorium, as well as revolving credit lines of up to $50,000, with a maximum term of one year, to address recurring operational needs, such as rent, payroll and utilities.
Financing of up to $50,000 does not require a contribution; For larger amounts, a minimum contribution of 10% of the total cost of the project will be requested.
The president of the Economic Development Bank for Puerto Rico, Joshua E. Riveraexpressed that honoring the veteran community requires “more than recognition.”
“It requires opening concrete doors. With Legacy of Honor, we are putting capital, guidance and a clear route within the reach of those who want to convert their experience and discipline into companies, growth and jobs,” said Rivera.
Who can participate?
The program addresses the funding needs of honorably discharged veterans of the United States Armed Forces, military personnel transitioning to civilian life through the Transition Assistance Program (TAP), retired members of the National Guard or Reserve, and their spouses and surviving spouses.
Applicants must submit form DD-214 or another official document certifying military service. In cases of spouses or surviving spouses, evidence of the legal relationship will be required.
As part of the process, they must participate in an orientation of the Veterans Business Outreach Center (VBOC), a program of the Federal Small Business Administration (SBA). All financing will be subject to credit evaluation and approval.
In addition, those who apply will be able to benefit from free technical assistance with SSBCI funds, which includes support to prepare business plans, financial statements and financial projections, through the BDE provider network.
“At the BDE we believe in a public bank that is close, agile and oriented to results. Our commitment is that every person with an idea, a career and the willingness to work has a real opportunity to grow their project in Puerto Rico,” Rivera concluded.
Source: www.metro.pr
