The Oriental Fund is established to provide non-profit organizations with incubation and/or acceleration programs with grants to establish or strengthen seed funds for their microentrepreneurs.
PDF version of the press release
San Juan | Tuesday, September 19, 2023 | With the purpose of collaborating with the development of entrepreneurship in Puerto Rico, Oriental announced today that it has established the Oriental Fund in the Puerto Rico Community Foundation (FCPR). The purpose is to provide grants to non-profit organizations so that they can provide seed capital to individuals who participate in their incubation and acceleration programs, and who are ready to start their business. Compromiso Oriental has allocated $300,000 for these purposes. A maximum of four organizations with the potential to receive up to $25,000 each will be selected in the first grant round.
The call for applications to the Oriental Fund opens on September 19 and runs until October 27, 2023. Organizations interested in participating must have a track record in incubation and/or acceleration programs and have active programs. In addition, they must have the capacity for the establishment and management of seed funds, as this will be an important part that will be taken into consideration in the evaluation of the proposals. To download the guide you must access Oriental Fund or visitwww.fcpr.org,and in the main menu press REQUEST. You can also access orientalbank.com. Applications will be received online, as indicated in the guidelines.
“Oriental's mission is to help advance our customers, employees, shareholders and the communities we serve. That is why we are committed to supporting small businesses because we know what they represent in the economy of our island. We are aware of the importance of receiving help during business development, and that is why we developed this philanthropic initiative, focused on providing seed capital. The Oriental Fund, established at the FCPR, will provide financial capital to selected organizations to strengthen their incubation and acceleration programs for their microentrepreneurs,” he said. Maritza Arizmendi, Chief Financial Officer of Oriental.
“Thank you to Oriental for placing your trust in our institution for the management and administration of theOriental Fund. Undoubtedly, today more than ever, entrepreneurship is the key to the development of economic activity in our communities. It is something we have always believed in and today Oriental allows us to accompany them and facilitate a process that benefits organizations that have taken on the titanic task of educating and training for entrepreneurship. Now they will be able to take a step forward, providing the trained people with the seed capital to get their businesses off the ground,” said the Dr. Nelson I. Colón Tarrats, president and chief executive officer of the FCPR.
“This alliance is part of our Corporate Social Responsibility plan, which is focused on three pillars: entrepreneurship, social innovation and environment, all with a financial education component. Our commitment as a brand is to support organizations that seek the welfare and growth of our communities and businesses, on this occasion we are supporting small businesses that seek to develop or grow to positively impact the economy of our island,” he said. Idalis Montalvo, Marketing and Public Relations Director of Oriental.
FCPR currently manages more than 97 philanthropic funds established by donors who support, with donations or grants, a variety of social causes. For philanthropic advice and fund establishment, please write to fcpr@FCPR.org or call 787-721-1037. The FCPR also administers several programs focused on water access, renewable energy, racial and gender equity, and economic activation.
Photo: From left, Fundación Comunitaria de Puerto Rico (FCPR) President and CEO Dr. Nelson I. Colón Tarrats, FCPR Senior Vice President Mary Ann Gabino, FCPR President and CEO Dr. Nelson I. Colón Tarrats, FCPR President and CEO Mary Ann Gabino, FCPR President and CEO Dr. Nelson I. Colón Tarrats, FCPR Senior Vice President Mary Ann Gabino, FCPR President and CEO Dr. Nelson I. Colón Tarrats, and FCPR President and CEO Dr. Nelson I. Colón Tarrats. Chief Financial Officer of Oriental, Maritza Arizmendi; and Idalis Montalvo, Director of Marketing and Public Relations of Oriental.