Foundation for puerto rico: Foundation for Puerto Rico | Transforming Puerto Rico’s economy to be thriving and sustainable.
Foundation for Puerto Rico | Transforming Puerto Rico’s economy to be thriving and sustainable.
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What they’re Saying
“We see in Foundation for Puerto Rico an ally that helps us increase the scope and impact of the initiatives we carry out in the country, not only to contribute to the growth of our small and medium-sized businesses but also to promote entrepreneurship and together boost the socio-economic development of Puerto Rico “
Alexandra López SolerVicepresidenta senior de Mercadeo y Comunicaciones, Evertec
“(FPR’s) Bottom Up program is aligned with our mission to
support programs that strengthen community assets…and
positively transform underserved communities.”
SHAWN ESCOFFERYEXECUTIVE DIRECTOR,
ROY & PATRICIA DISNEY FAMILIY FOUNDATION
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Wafol Café continued…
Both were self-taught entrepreneurs, with completely different career and education paths (Alexander studied Electrical Engineering and Calibration, and Daphne was in the Natural Sciences field).
By reading books they managed to learn about how to establish and run a restaurant. Prior to the program’s impact on Wafol Café, this innovative restaurant had a very distinctive business model. The restaurant had no servers and was based on a self-serve business model that allowed customers to come in and make their own waffles and breakfast by adding the toppings that they desired.
However just 1 month after its opening in December 2019, Puerto Rico was struck by a series of earthquakes and 3 months after that, the first COVID-19 patients were confirmed and Puerto Rico was put under a mandatory lockdown. These measures put a serious strain on many entrepreneurs and small business owners like Alexander and Davny. In their case, they were able to partially resume their business after restrictions dialed down. Still, local regulations only allowed 50% capacity in restaurants, which ultimately pushed Wafol Café towards re-inventing their original business model into a dine-in experience with servers, while also implementing delivery services.
PULSO’s stage-based assistance allowed Alexander and Daphne to overcome many of the challenges that they were facing, specifically in reassessing their original business plan to consider pre-existing and new challenges through the Business Assessment, Business 101 and Business Plan innovation stages of PULSO. In an interview with the CNPP Hub team Davny recalls that after a counseling session with spoke, Centro Para Emprendedores, they discovered that the way they were managing their inventory was part of the reason behind their cash flow limitations.
Thanks to these services being provided early in the program, Davny and Alexander were able to learn about how discarded products, employee meal benefits and price inflation increased costs per unit, and how to adjust their pricing strategy to stay on top of it.
They then began developing a standardized system to help them have more control of their finances. In addition, program services allowed Davny and Alexander to become aware that 40% of their sales revenue came from a specific product, which ultimately led them to develop a sales strategy to continue driving revenue through their star product.
Additionally, counseling sessions made them realize that they were overlooking their weekday consumers (such as employees from nearby offices, parents that take their kids to school early in the morning, and retired/elderly people that live in the area), which represented an additional business opportunity for growth. The program’s innovation sessions with other cohort participants were especially helpful for Davny and Alexander in identifying additional business opportunities.
By connecting with other entrepreneurs from Vega Baja and nearby municipalities they concluded that their area did not have sufficient food delivery options, which was an area of opportunity to expand their services. The duo is now developing the second phase of their business plan that considers a rebranding effort that includes a new webpage connected to a new delivery system to help them take advantage of the opportunity and reach their ideal customer. As their business slowly moves into the digital experience, they recognize how workshops from spoke Brands of Americas are helping them ensure the successful implementation of these efforts.
After having an original plan where they only contemplated 3 employees, they now have 14 employees and are in the process of restructuring their kitchen and buying advanced equipment to help them achieve their projected production capacity. What began as a part-time venture, is now a full-time source of income. They both expressed that since enrolling in the program they no longer feel like they’re raising a business on their own, and their progress has made it possible for Alexander to quit his day job and make his living wage completely off their business.
Careers – Foundation for Puerto Rico
Wafol Café continued…
Both were self-taught entrepreneurs, with completely different career and education paths (Alexander studied Electrical Engineering and Calibration, and Daphne was in the Natural Sciences field). By reading books they managed to learn about how to establish and run a restaurant. Prior to the program’s impact on Wafol Café, this innovative restaurant had a very distinctive business model.
The restaurant had no servers and was based on a self-serve business model that allowed customers to come in and make their own waffles and breakfast by adding the toppings that they desired.
However just 1 month after its opening in December 2019, Puerto Rico was struck by a series of earthquakes and 3 months after that, the first COVID-19 patients were confirmed and Puerto Rico was put under a mandatory lockdown. These measures put a serious strain on many entrepreneurs and small business owners like Alexander and Davny. In their case, they were able to partially resume their business after restrictions dialed down. Still, local regulations only allowed 50% capacity in restaurants, which ultimately pushed Wafol Café towards re-inventing their original business model into a dine-in experience with servers, while also implementing delivery services.
PULSO’s stage-based assistance allowed Alexander and Daphne to overcome many of the challenges that they were facing, specifically in reassessing their original business plan to consider pre-existing and new challenges through the Business Assessment, Business 101 and Business Plan innovation stages of PULSO.
In an interview with the CNPP Hub team Davny recalls that after a counseling session with spoke, Centro Para Emprendedores, they discovered that the way they were managing their inventory was part of the reason behind their cash flow limitations.
Thanks to these services being provided early in the program, Davny and Alexander were able to learn about how discarded products, employee meal benefits and price inflation increased costs per unit, and how to adjust their pricing strategy to stay on top of it.
They then began developing a standardized system to help them have more control of their finances. In addition, program services allowed Davny and Alexander to become aware that 40% of their sales revenue came from a specific product, which ultimately led them to develop a sales strategy to continue driving revenue through their star product. Additionally, counseling sessions made them realize that they were overlooking their weekday consumers (such as employees from nearby offices, parents that take their kids to school early in the morning, and retired/elderly people that live in the area), which represented an additional business opportunity for growth.
The program’s innovation sessions with other cohort participants were especially helpful for Davny and Alexander in identifying additional business opportunities.
By connecting with other entrepreneurs from Vega Baja and nearby municipalities they concluded that their area did not have sufficient food delivery options, which was an area of opportunity to expand their services. The duo is now developing the second phase of their business plan that considers a rebranding effort that includes a new webpage connected to a new delivery system to help them take advantage of the opportunity and reach their ideal customer. As their business slowly moves into the digital experience, they recognize how workshops from spoke Brands of Americas are helping them ensure the successful implementation of these efforts.
After having an original plan where they only contemplated 3 employees, they now have 14 employees and are in the process of restructuring their kitchen and buying advanced equipment to help them achieve their projected production capacity.
What began as a part-time venture, is now a full-time source of income. They both expressed that since enrolling in the program they no longer feel like they’re raising a business on their own, and their progress has made it possible for Alexander to quit his day job and make his living wage completely off their business.
How to open a bank account with the Bank of Puerto Rico 一 assistance in opening bank accounts in foreign banks
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+7 495 234 38 33
General information and rating
Founded
2017
History
Founded in 2017. Actually started working in the summer of 2021
Staff
Staff speaks English
Confidentiality
AML-legislation strictly observed
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Minimum requirements
Minimum balance, €
The bank does not set minimum balance requirements
Permissible number of transfers, per month
No limit on the number of transfers
Down payment, €
No down payment requirements
Minimum turnover, €/year
No minimum turnover restrictions
Efficiency of payment execution
Same day or next day
Tariffs and services
Transfer, €
(for the amount of €50,000)
Fee for incoming transfers (international) is 50 USD
Deposit, €
(for the amount of €50,000)
Fee for outgoing transfers (international) is 50 USD
Account maintenance, €/year
Monthly account maintenance fee – 100 USD.
Bank commission for opening an account – from 50 USD and can be increased depending on the client’s activities
Account management
Internet Banking
Banking products
The bank was created for the new era of digital business. The possibility of issuing cards is planned soon, as well as the launch of the crypto-wallet
Account opening
Bank visit
Bank visit is not required. You can open an account remotely
Required
Completed bank forms. Copies of passports of beneficiaries and account managers. Standard set of corporate documents
Types of accounts
Savings; Settlement
Account opening procedure and Due Diligence
Opening an account is possible without entering the country where the bank is located
Probability of opening an account
Calculated
Banks of Puerto Rico
CBiBank
2,200
n/a
n/a
Related seminars Puerto Rico
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5 ways to help Puerto Rico right now
Article
upper limit-leaders’ >
Less than two weeks after Hurricane Irma, Hurricane Maria hit Puerto Rico on September 20, hitting the island with Category 4 winds and flooding it with record amounts of rain.
Now 3.4 million American citizens in the area are without power, and many of them are struggling to find food, shelter and clean drinking water. As first responders provide assistance to those affected on the ground, here are a few ways you can help from home.
1. DONATE TO UNICEF
The United Nations Children’s Fund (UNICEF) is a charity providing humanitarian assistance to children and mothers around the world. In light of the devastating impact of Hurricane Maria, UNICEF is mobilizing teams where they are most needed. You can support their efforts by making a cash donation through their website, with 90 cents of every dollar going to help young victims and their families.
2. DONATE TO THE SPANISH FEDERATION
For 27 years, the Latin American Federation has provided important services to Hispanic families in the United States. The nonprofit recently announced that they are partnering with civic leaders in New York to bring first responders to Puerto Rico.
The first flight left New York over the weekend, but the charity is still in need of donations. One hundred percent of the money raised will go towards helping the community get back on its feet. You can deposit money by texting UNIDOS (space) with your amount (space) and your name to 41444. You can also deposit online or in person at any Popular Community Bank branch.
3. DONATE UNITED FOR PUERTO RICO
Puerto Rico’s First Lady Beatriz Rossello has led this campaign to provide direct assistance to the island she calls home as it recovers from this year’s devastating hurricane season. It has hired major corporate donors such as Walgreens and Coca-Cola, but individuals can also make monetary donations. Donate online via PayPal by texting 787-552-9141 or your nearest FirstBank.
4. DONATE CONPRMETIDOS
Providing residents with short-term food, shelter and medical care is only one part of the relief process. Puerto Rico is likely to come to terms with the effects of the storm long after the floodwaters recede and the island needs money to rebuild.