Small business has always been the driving force of the economy in Puerto Rico. We are as ruggedly independent as we are industrious, so owning your own business has always been a way of life for many families. San Juan is the heart of small business in Puerto Rico.
Did you know that small businesses make up 99% of all business on the island? And that collectively they employ over 80% of the private workforce?
If San Juan is the island’s heart, then small business is it’s lifeblood.
Facts and Figures about Small Business in Puerto Rico
As of 2019, there were 43,182 small business on the island.
They employed approximately 672,400 people, paid over $17 billion in payroll, and produced $73.8 billion worth of exports.
A majority of these small businesses are not just small, they are tiny. They are called “micro-revenue” firms, and have annual revenues of less that fifty thousand dollars. These are the family business, the mom-and-pop stores, the small kitchens.
The number of these micro-revenue businesses has been increasing beginning in 2017, in the wake of several natural disasters.
Things are not going to improve anytime soon. According to a recent nationwide survey from the US Census Bureau, over 50% of all business reported a “large negative effect” due to the coronavirus. Over 30% estimated it would take them at least 6 months to return to a previous level of operation.
San Juan Community Businesses
As the capital and largest city, San Juan is home to most of these businesses, and always has been. Living in San Juan gives everyone access to so many more options, and allows small business to thrive.
PR Title Loan is locally owned and operated. We are one of the many community businesses that is proud to stand tall and help get the economy back on its feet.
Click or call to speak to one of our loan experts. We are here to answer your questions, and explain our services to you.