2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 255 - Micro, Small-, and Medium-sized Business Promotion Act (§§ 11081 — 11085) › § 11083 - Business Promotion Board

The Puerto Rico Micro, Small-, and Medium-sized Business Promotion Board is hereby created on a permanent basis. Said Board shall have the powers and duties and be constituted as provided in this chapter.
(a) Composition and organization of the Board.— The Board shall be composed of the following government officials and individuals:
(1) The Executive Director of the Puerto Rico Trade and Export Company (PRTEC).
(2) The Secretary of the Department of Labor and Human Resources (DLHR).
(3) The Chair of the Planning Board.
(4) The Executive Director of the Permit Management Office (OGPe, Spanish acronym).
(5) One micro-business entrepreneur who is a member of a bona fide group or association and has not less than ten (10) years of experience in microbusiness-related matters.
(6) One small-sized business entrepreneur who is a member of a bona fide group or association and has not less than ten (10) years of experience in SMBs-related matters.
(7) One medium-sized business entrepreneur who is a member of a bona fide group or association and has not less than ten (10) years of experience in SMBs-related matters.
The Governor of Puerto Rico shall appoint one (1) representative of the micro, small-, and medium-sized business sector to the Board; the Speaker of the House of Representatives of Puerto Rico shall appoint one (1) representative of the micro, small-, and medium-sized business sector to the Board; and the President of the Senate shall appoint one (1) representative of the micro, small-, and medium-sized business sector to the Board.
Entrepreneurs appointed to the Board by virtue of this chapter shall hold office for the following terms: one (1) member for five (5) years, one (1) member for four (4) years, and one (1) member for three (3) years. Their successors shall be appointed for a five (5)-year term. Upon the expiration of their term of office, board members may continue to carry out their duties until their successors are appointed and take office. Such terms shall begin to run as of the expiration date of the preceding term.
The Board shall be attached to the Puerto Rico Trade and Export Company and chaired by its Executive Director or his/her representative. If a Board member delegates his/her representation, such delegation shall be made within thirty (30) days after the approval of this act. In any case, the Board shall be fully constituted within the aforementioned term.
(b) Powers and duties of the Board.— The Board shall have the following powers and duties:
(1) To make recommendations to the Governor and the Legislative Assembly to foster a well-balanced economic development among the different sectors that contribute to Puerto Rico’s economy.
(2) To encourage and facilitate intersectoral coordination with the central government and municipal governments to promote SMBs as the driving force of our economic development.
(3) To draft, adopt, and amend rules and regulations to govern the internal operations and the discharge of the powers and duties of the Board.
(4) To enter into agreements with the appropriate government agencies to ensure the proper implementation and oversight of the provisions of this chapter.
(5) To establish, at its discretion, advisory groups to provide the Board with expert advice on matters related to micro, small-, and medium-sized businesses; Provided, That the Board shall have the technical support of the principal advisor to the Governor in such matters.
(6) To ensure the proper implementation and observance of the terms and requirements set forth in this chapter and in any legislation promoting incentives and measures to support SMBs. In the event of noncompliance by any government body, the Board shall be required to notify such noncompliance to the Governor and the Legislative Assembly within a term that shall not exceed thirty (30) days after learning about the same.
(7) To require documents as are necessary from the appropriate government bodies to ascertain compliance with this chapter and any legislation promoting incentives and measures to support SMBs.
(8) To provide for its internal organization to achieve the purposes of this chapter.
(9) To hold periodical meetings, at least four (4) times every year, as appropriate to achieve the purposes of this chapter.
(10) To file on or before April 30 th of each year with the Governor and the Legislative Assembly of the Commonwealth of Puerto Rico a report of the SMBs as a component of the local economy with the data of the preceding calendar year ending on December 31 st , including, but not limited to:
(A) An analysis on executive summary format of the SMB’s profile;
(B) the number of SMBs that availed themselves of the benefits of this chapter;
(C) the number of SMBs that closed down;
(D) economic indicators related to SMBs;
(E) any recommendations to carry out intersectoral coordination initiatives to continue promoting SMBs in Puerto Rico;
(F) an analysis of the SMBs’multiplying effects; and
(G) any other information deemed convenient to provide the Governor and the Legislative Assembly with a profile and full analysis of the SMBs contributions to the local economy.
(11) The PRTEC shall conduct a comprehensive study including the positions and recommendations of all public, private, State, or Federal agencies and entities related to SMBs to define the terms for micro, small-, and medium-sized businesses in Puerto Rico. The PRTEC shall submit a report to the Board of the results and recommendations of said study within two (2) years after the approval of this act. Subsequently, the Board shall substitute such terms to establish the businesses in Puerto Rico that shall continue benefiting from this chapter.
(12) The Board shall conduct a comprehensive study including the positions and recommendations of the Puerto Rico Electric Power Authority (PREPA) and the Aqueduct and Sewer Authority (ASA) to identify viable options and recommendations to reduce high energy costs that affect the development and economic stability of SMBs in Puerto Rico. The Board shall submit a report to the Legislative Assembly and the Governor of the results and recommendations of the study within six (6) months after the approval of this act.
Provided, that any procedure or regulation in connection therewith shall be promulgated within a term not to exceed sixty (60) days after the approval of this act.
History —June 11, 2014, No. 62. § 4.