From the Publisher’s desk.

A new study by the New York Federal Reserve found Puerto Rico’s small businesses (SMBs) employ 80% of Puerto Rico’s private sector work force. A majority of those work for ‘micro-firms,’ businesses with fewer than ten workers and annual revenue under $250,000. (And 31% of these micro-firms report annual revenue under $50,000.) In some industries, micro-businesses are dominant employers. For example,

the Small Business Administration reports that 93% of Puerto Rico’s foodservice workers are employed by mom-and-pops.Unfortunately, times will be getting harder for those employed by SMBs. According to Bloomberg, around 65% of Puerto Rico’s 45,000 SMBs closed after Hurricane Maria, and 20% of them will probably never reopen.As our public utilities are repaired and post-Maria life slowly returns to normal, our hand-ups must focus on long-term economic development, not just short-term humanitarian relief. Puerto Rico needs SMBs now more than ever. And our small businesses need us.Small, family-based companies are the fuel that powers Puerto Rico’s economic engine. Until our small businesses return to stability, our economic recovery will be incomplete. Now is the time for policymakers to focus on Puerto Rico’s small businesses. The federal government, Puerto Rican government, and private sectors must partner with Puerto Rico’s entrepreneurs to incentivize the development of small businesses that will create sustainable jobs. That begins by showing they have an understanding of the challenges facing entrepreneurs and encouraging them to remain on the island. Next is creating an environment that helps encourage more small businesses.Any incentives should provide small businesses the opportunity to repair facilities, replace damaged inventories, and open up shop, along with enough runway so these businesses can survive at least until tourism and spending return to normal. They should help ensure steady jobs for Puerto Rico’s 500,000 SMB employees, doing important work in industries including health care, technology, food and beverage, and hospitality.So, what exactly are these incentives? That isn’t clear yet, but what I do know is that Puerto Rico can’t afford to see its small businesses fail.Now is not the time for bigger government or more crippling regulations. It’s time for constructive and substantive communication and partnership. Public officials and other stakeholders should be proactively meeting with business owners across the board to help determine the areas of greatest need and how government might better partner with entrepreneurs. Public forums and smaller roundtable events could be held where diverse voices in the business community would have the opportunity to share ideas that could shape public policy.Governor Ricardo Rosselló has begun this dialogue with his recent travels to New York where he attended a conference to promote the island with larger businesses. It is certainly important for Puerto Rico to attract Fortune 500 and other large companies, but it is vital for the long-term success of the island to create an economic environment that allows for businesses of all sizes to succeed, especially smaller companies, which represent our economic backbone.We are all in this together and government and business owners alike should listen to one another and respect one another. Our worst enemy is time. The clock is running out for the enactment of public policy that will help revitalize our small business community. We need action now to demonstrate to the mainland and around the world that Puerto Rico is open for business.

*Mark E. Curry is a leading entrepreneur, philanthropist and impact investor. Curry founded SOL Partners in Puerto Rico in 2012, and in January 2017 completed acquisition of NotiCel. As Chair of the Mark E. Curry Family Foundation, he invests in critical community charitable organizations.