painting by Art Studio Porto

The Feast of the Three Kings also known as the Epiphany takes place every year on January 6th. It is an intricate part of Puerto Rican folklore. Traditionally, this day is very important, especially for children, for it is on this eve that they will receive their gifts. On the feast of the Epiphany, the Three kings visited the newly born Christ Child in Bethlehem bearing him gifts. This tradition is repeated and reflected in present day with the belief that on this eve the 3 Kings will visit every good child to deliver them gifts. Tradition states that on the Eve of the Epiphany children collect hay, straw or grass and place it in boxes or containers under their beds. This gesture is a gift of food for the Kings’ Horses while they rest in between deliveries. Note:(we have no Camels in PR). If a child is good for the past year he will receive candies, sweets or toys. If the child was misbehaved or naughty he would instead find a lump of dirt or charcoal in his box.

Happy Three Kings Day!

]]> http://nprchamber.org/blog/2012/01/06/ifeliz-dia-de-los-tres-reyes/feed/ 1 http://nprchamber.org/blog/2011/12/24/the-other-half-of-thanks-this-christmas/ http://nprchamber.org/blog/2011/12/24/the-other-half-of-thanks-this-christmas/#comments Sat, 24 Dec 2011 19:14:46 +0000 The National Puerto Rican Chamber of Commerce http://nprchamber.wordpress.com/?p=483  

Although we already have a holiday created specifically for remembrance and giving thanks, Christmas is perhaps the time of year in which we should be most thankful, remembering that we were given so much, despite our unworthiness.

Most of us were simply born, gifted life without any free choice or influence of opinion, into a country where even the poorest of its citizens are considered wealthy in most of the rest of the world.

In this spirit, be thankful for what most of us have, which so many do not: a roof to protect us, food to feed us, clothing to keep us warm, family and friends to support us, soldiers to defend us, and the hand of Providence to guide us.

But the other half of giving thanks is showing gratitude.  Remembering our many Blessings and vast comparative wealth, we should thrive in the spirit of giving and remember those who are not so fortunate, both in our country and abroad.

Demonstrate your gratefulness by providing shelter to someone in need, giving food to someone hungry, donating old clothes to someone cold, sharing time in friendship with someone lonely, defending your brother, donating your time, loving your neighbor, and sharing your faith with someone lost.

“For unto whoever much is given, much is expected.” Luke 12:48.

We are all blessed with more than we realize or deserve; this Christmas, our appreciation should not only be for what we have been given, but for what we are also able to give.

May God Bless you all this Christmas!

Over the past year, The National Puerto Rican Chamber of Commerce has grown beyond our original plans, as well as developed a role outside of its original intended scope, including that of creating and maintaining The Minority Business and Economic Report.  Our membership and readership has grown to include representation from the Bronx, NY to Issaquah, WA (I know, I hadn’t heard of it either) to nearly every metropolitan area within the U.S. and, of course, Puerto Rico.  However, much to our surprise, our readers also hail from countries as far away as Korea and Australia, and original hometowns from every Latin American and Spanish-Speaking country.

Despite our differences, perhaps the binding quality that we all share is that we are aware of the uniquely American belief that with a simple idea and a strong work ethic, we all have the opportunity for success in life.  This drive to innovate, to develop an idea, to bring it to fruition, and to take a leap of faith in order to have the opportunity to even touch the heels of success is what drove all of our ancestors, whether our parents or our parents’ parents’ parents, to come to this land of opportunity.

The “land of opportunity” has come to its namesake because its people, a true melting pot of the world’s cultures, is almost entirely composed of entrepreneurially-minded innovators, who will generally do what it takes to make a better life for their families and future generations.  In no other country on Earth will one find such a prevalent commitment to development, innovation, entrepreneurship, and, upon even the slightest of successes, charity.  Nowhere else are we so benevolent as to make our poor rich compared to the rest of the world and nowhere else is a society so willing to contribute to the welfare of those far less fortunate outside of its borders.

Today marks the one day in the year where an entire nation gives Thanks to its creator – and purveyor of ultimate freedom – for the many blessings it has received as well as the many blessings it is able to bestow upon others.  Despite all of our faults and disagreements, WE have contributed to the existence of an exceptional society, a giving people, and a blessed and truly unique culture.  We celebrate because the benefits from our existence have far outweighed the unwelcomed atrocities, creating the livelihood that no other people in history have been able to achieve.

Never forget where we have come from, nor the power of our own innovative potential to take us wherever we want to go.  Today, give thanks that you have both a history . . . and a future . . . in America, the land of the free.

–Justin Velez-Hagan, National Executive Director

A resurgence in home-buyer interest is, in no small measure, attributable to what has been billed as the most far-reaching housing stimulus that’s been offered so far by any state in or territory of the United States.

That program—which Puerto Rico’s Gov. Luis Fortuno signed on Sept. 2 and is scheduled to run through next June—produced remarkable results in the last four months of 2010, when the sales of 1,108 new homes and 3,259 existing homes were closed, representing an 18% increase over the same period the year before, according to the island’s Department of Economic Development and Commerce. The dollar value of those closings rose by nearly 35% to $868.3 million.

Even with those increases, however, unit sales in Puerto Rico grew by only 4.22% for all of 2010, which indicates just how low its housing market had sunk before this stimulus package kicked into full gear.

“Before the stimulus, new home construction was tracking at about 3,500 units for 2010,” says George Joyner, executive director of Puerto Rico’s Housing Finance Authority, who spoke by phone with Builderon Wednesday. That construction figure compares with 5,000 new homes built in 2009, and more than 11,000 in 2006. In a typical year, about 8,000 new homes are built in Puerto Rico, he says.

The stimulus came about after the housing authority conferred with all stakeholders, including the island’s home builders, realtors, lenders and consumers. “We convinced everyone that this wasn’t just one problem and that we needed to address different niches,” explains Joyner.

The stimulus actually dates back to September 2009, when the Fortuno administration introduced a down-payment and closing-cost assistance program, whose funding eventually reached $65 million. At the time, FHA had okayed the use of “silent second” mortgages for down payments. Over the proceeding 15 months, 2,700 second mortgages were approved and 11,200 borrowers received down-payment or closing-cost bonuses. (FHA underwrites about 70% of all mortgages in Puerto Rico.)

This bonus package, which can’t exceed 5% of the purchase price, is limited to the purchase of primary residences with a maximum sales price of $300,000. The purchaser’s household income can’t exceed $125,000. And there’s no penalty on early resale if the homeowner volunteers 50 hours of community service a year after the resale.

Joyner says that bonuses per buyer have averaged $5,000, and the average selling price of homes for buyers qualifying for bonuses has been $134,000. Another $40 million in financing for bonuses, to carry this part of the program through to June, kicks in this month.

On mortgages of $300,000 or less, purchases of new or existing homes can also qualify for a program through which a participating lender would finance up to 105% of the purchase price. The unusual aspect of this program is that insurance covers 20% of the risk of the sale, with the bank covering the rest. And commissions are paid by the bank, developer, or seller.

Home buyers who don’t qualify for down-payment or closing-cost assistance still qualify for other incentives in the stimulus, which include:

• For new home purchases, a 100% exemption from deed, mortgage, or sale registration fees, which Joyner says would normally add up to $800 for a $150,000 mortgage; a five-year exemption on all property tax; a 100% exemption on any future capital gain tax on the resale; and $25,000 no-payment/no-interest down-payment assistance mortgage from participating lenders.

• For existing homes up to $3 million, a 50% exemption on fees, 50% exemption on capital gains tax from a resale, $10,000 down-payment assistance, 100% exemption for sellers on fees and taxes on the mortgage cancellation deed, 100% exemption for sellers’ capital gain tax, and a $5,000 annual deduction for sellers in capital losses against ordinary income if the loss arises from a the sale of his/her primary residence. This deduction may be taken annually for up to 15 years.

The stimulus also extends to rental properties by offering a total tax exemption on all net rental income from residential property for 10 years.

Joyner says that part of the impetus behind the stimulus has been to create more housing for low- and moderate-income buyers and renters. To that end, the administration is using tax credits earned from the federal government to fund construction loans for low-income rental properties. Through Dec. 31, $71 million in loans had been approved and 22 projects with 2,448 units had received funding, of which 15 projects are elderly housing.

Whether the stimulus program extends beyond June could depend, says Joyner, on how successfully Puerto Rico reduces its overhang of unsold homes. There are about 20,000 homes on the island in various stages of construction, half of which are completed but unsold.

posted at Builder.com

That, in turn, led to a variety of speaking engagements, which served as the catalyst for Simmons’ most successful business venture, Extreme Entrepreneurship Tours, or EET. The company, founded by Simmons and his wife, Sheena Lindahl, in 2006, is designed to encourage entrepreneurship among young people in high school and college. 

“We bring the country’s top young entrepreneurs across the country to different college campuses at half-day conferences,” Simmons explains. The colleges tend to be campuses that don’t yet offer entrepreneurship courses or are just beginning to do so. EET did between 90 and 100 events last year, and the company has even more ambitious plans this year.

The company is now rebranding as Extreme Entrepreneurship Education, with new offerings intended to take participants beyond the initial inspiration provided by the tour.

The company recently added what Simmons calls “a virtual business incubator,” which connects students with mentors and coaches, and introduces goals and actions designed to move their business forward. “This is a system to help people overcome their fears and make progress on a day-to-day basis,” Simmons says.

There’s also a virtual speaker series, featuring interviews with top entrepreneurs, for use in a classroom setting. Ten schools signed up during the initial launch, and more than 100 others have expressed an interest in signing on.

Next up: a Future of Entrepreneurship Education Summit at the University of Central Florida on Friday, Feb. 18. Simmons envisions the summit as the entrepreneurial version of the Clinton Global Initiative, which convenes global leaders to devise and implement innovative solutions to some of the world’s most pressing challenges.

Participants will include 10 foundations that promote and fund entrepreneurial endeavors, along with corporate and individual philanthropists and successful entrepreneurs. Among the attendees and presenters will be the Coleman Foundation, which supports educational institutions offering entrepreneurship education across the country; Opportunity International, the world’s second largest microfinance bank; and the Network for Teaching Entrepreneurship, providing entrepreneurship education to low-income youth. Among top entrepreneurs on board for the conference are Priceline.com founder Jay S. Walker.

Simmons is eager to see what happens when newer organizations, such as Startup Weekend, come face-to-face with older organizations, such as SCORE, which provides volunteer mentors for small-business owners. Startup Weekend bring entrepreneurs and aspiring entrepreneurs together for a weekend to find out if startup ideas are viable.

According to Simmons, the summit will fulfill an important need in the field. “Part of the goal is to showcase the most innovative things taking place in the field.” The other is to build a bridge linking all the giants in the field. “It’s amazing what’s come together in the five or six weeks,” he says. “It shows how much people want to connect with each other, and how timely this idea is.”

as posted here

As reported by TRDaily, FCC Chairman Genachowski addressed one specific issue as “particular concern” for minorities during the Minority Media and Telecom Council’s Broadband and Social Justice Policy Summit – that issue being spectrum.  Having also listened to the Chairman’s remarks at MMTC – I believe that this is certainly a worthwhile issue to highlight.

Here are the points outlined by TRDaily that I agree are important – and of which the Chairman honed in on during his speech:

• The FCC is committed to making more spectrum available for wireless broadband services, calling the issue “a particular concern for minority communities” because wireless devices “have become the primary means for accessing the Internet” for many African Americans and Latinos.
• According to Chairman Genachowski, broadband Internet access is “no longer a luxury” but is instead “a necessity for full participation in our 21st century economy.”

I am hopeful that the Commission will take greater care and time to assess important issues like spectrum since it is this very issue that serves as a building block for expanding and growing America’s wireless infrastructure and connecting minority users to this life altering service.  For Hispanics, whose use of mobile broadband devices are often times the primary means for accessing the Internet – the spectrum issue is that much more important since it is a critical component for enabling providers to deliver reliable and quality services to allconsumers.  Talks on this issue are now beginning to heat up in Washington, DC – only time will tell what side of the aisle the FCC will land on.

The following article discusses the Micro Loan program of the SBA.  Keep in mind also, that, after a recent partnership with Accion, The National Puerto Rican Chamber of Commerce is now one of these lenders and can help small (to VERY small) businesses to obtain one of these loans.  Just give us a call . . .

posted at ChamberofCommerce.com:

What You Need to Know About Micro Loans

The most tangible example of the micro loan exists in the United States, but did not originate in America. Originally conceived as a way to combat poverty, economist Muhammad Yunus received the 2006 Nobel Peace Prize for originally devising the program to benefit the Bangladesh poor.

Now the concept is used widely by the Small Business Administration to benefit small businesses and entrepreneurs in the purchase of improvements, inventory and equipment. These loans also provide working capital to launch small businesses.

The SBA makes these funds available to intermediary lenders experienced in lending, management and technical assistance. These intermediaries then make the small business loans available to eligible borrowers.

Eligibility for SBA Loans

The micro loan program ensures the success of companies facing failure without it. One of the conditions in obtaining this micro-financing is usually mandatory attendance in workshops or classes. These classes are designed to help owners understand loan and small business practices in ways that will help them flourish and grow. Entrepreneurs usually embrace this education requirement and use it to increase their competitive edge.

Business training and technical assistance is provided by each intermediary to its micro-borrowers. Sufficient guarantees of repayment will need to be assured through cash flow, collateral or a reasonable amount of personal credit.

Maximum and Minimum Amounts

All of these business financing loans are between $1,000.00 and $35,000.00, with the average loan being $13,000.00. Loans will vary according to the small business borrower’s needs, the planned use of funds, the loan size and the requirements of the intermediary lender. Six years is the maximum term allowed for repayment, with three to five years being the average micro-payment schedule.

Interest rates will vary according to the intermediary lender, costs from the U.S. Treasury to the intermediary, and generally these rates vary from eight to thirteen percent.

How Micro Loans Help American Business

The micro loan program has been crafted with the struggling new American business owner in mind. The traditional bank loan can take advantage of the entrepreneur through higher interest rates and demands of greater capital. For many, this loan program, made available through the Small Business Administration through non-profit community lenders – is just what they need to jump-start a new business and avoid poor re-payment terms that can leave the business owner in severe debt.

Thankfully these loans will enable American business to re-invigorate the United States’ economy and strengthen our country’s autonomy.

At this point, nearly every worker in America can see that in economic terms our country is no longer suffering from a recession.  However, while our economy is no longer contracting, and is growing at very modest levels, the labor force has yet to see any meaningful reduction in jobless rates.  This is a very frustrating development, as many people claim that there are two economies which are diverging very quickly.  One has corporations which have weathered the crisis and are now back to making strong earnings, with an executive level management who have also weathered the storm.  On the other end of the economy many workers are experiencing stagnant wages, very few job openings, and lack of economic mobility.

In subsectors of the labor force, the frustration is even more apparent from employment data.  For young workers, aged 16-24, the unemployment is extremely high at 20%.  When broken down by race, the numbers get very frightening.  Latino youths have a 24% unemployment rate, and African American youth have an even higher rate at 32%.  These numbers are not only frightening, but unacceptable as both economic and non-economic ramifications will be seen in both the near and long term.

Policymakers and community advocates have been very sharp laying the blame on the usual suspects.  Failing schools, high crime, discrimination, the recession, and economically depressed regions have been offered up as the cause.  The truth is that all are to blame, and there is certainly enough of it to go around.  Our education system is becoming less competitive, and we currently are failing to educate 30% of our youths enough to even graduate from High School.  In the end, this puts the youth at a disadvantage.  Job growth both now and before the recession was mostly concentrated in sectors which require at least some college education.

With statistics like these, you would expect that federal, state, and local governments are devoting at least a portion of their time and resources to these problems.  Unfortunately, this is not the case.  In fact, for over a decade, the issue of youth unemployment has become even less of a priority.  Resources for programs have dried up and the desire or capacity for governments to tackle the issue has also fallen. Government sponsored workforce development and training programs were once the main policy remedy for tackling underemployed sectors of the workforce.  However, funding for those programs, which reached their peak in 1994 at $1.6 billion, was down to only around $900 million last year in 2010.  With inflation, this represents a real drop of nearly 70%!

Since 1994, we have seen a decline in manufacturing and the resulting effects of deindustrialization.  With the decline of these jobs, it’s hard to believe that government funding for programs which help to provide out of work and displaced workers basic training to meet the demands of new industries has fallen.  The effects of this have resulted in a decline of standards of living for individuals, families, minorities, and cities and towns throughout the rust belt.

One explanation of why funding has fallen so drastically for job training and skill building programs is the belief that they do not work.  Another explanation is that policymakers, especially focusing on youth employment numbers, have decided to revamp and focus on K-12 education.  In this circumstance, their efforts have not fully materialized, which is proven by the high school drop out rate and jobless rate amongst youth aged 16-24.  Additionally, a high school education may not adequately address the needs employers have for new hires.

Despite these perceptions, organizations are still operating workforce development and skill training programs for underserved youth desiring gainful employment.  One organization, Year Up, has been widely recognized in training disadvantaged youth for successful careers.  The organization’s founder saw the latent potential and strong aspirations for youth who lacked the resources and skills to allow their dreams to come true.  What has made the program so recognized and award winning is not only due to the results, but the way it was crafted.  The training brings in employers who wish to do outreach to underserved youth and allows them to assist in curriculum development to better meet their staffing needs.  As a result, the program combines both hard and soft skills training, with hard skills ranging from math, computer and software skills, to writing.  Soft skills focus around professional etiquette, speech, and attire; skills which many of the youth are unaware of and did not receive at home or school.

The results of the program have been astounding.  All of the program’s participants were successfully placed in competitive and meaningful internships to help build their careers.  Out of all those receiving internships, 95% have met or exceeded their employer’s expectations.  Even more impressive, 84% of those graduating from the program are currently employed in full or part-time career level jobs.  Those that are employed receive an average wage more than twice that of minimum wage.

Policymakers should be taking notice.  One thing that Year Up and other organizations that have been successful in workforce development have done is to take the standard model of job training programs and be creative.  They have worked out the perceived imperfections of the old model and have successfully built programs which meet both employers’ and workers’ needs.  We should be encouraging our elected leaders to establish similar programs to meet the needs of our businesses and workers.  We are facing a budget crisis at all levels of government, but cutting spending on workforce development programs which work is not the answer.  The global economy has changed, and without partnerships between the public, private, and non-profit sectors we will continually have trouble filling needed positions and to keep being the economic innovators.  When the labor force is balanced, results can be achieved in which businesses thrive and individuals can prosper.

Mr. Kirby joins The National Puerto Rican Chamber of Commerce with an experienced background in Public Policy Analysis.  He has worked for Americans for Informed Democracy, the Center for US Global Engagement, and for local governments in Virginia on issues ranging from international finance, national security, and other areas of foreign and domestic policy.  He holds a Master of International Development Degree from the University of Pittsburgh.

Marshall can be reached at 866-576-5222 x 8, or MarshallK@NPRChamber.org.

Words are powerful things and Facebook status updates can prove to be equally powerful tools for those of us who use social media to promote our businesses. Because a major focus of social media-related marketing is on creating content that attracts attention and encourages readers to share with their own networks, our choice of words becomes paramount.

A couple of months ago I wrote an article based on a white paper entitled, “The Anatomy of a Facebook Post: Study on Post Performance by Type, Day of Week, and Time of Day.” That 18-page report, published by Vitrue, an Atlanta-based social management company, outlined the best ways to reach an audience on a social media site, the best time of day to post an item on Facebook and the best day of the week to be most effective with your Facebook audience.

Among other things, that study claims marketers have three content options on Facebook — text, image and video. And, it says, photos trump video and both trump text. The white paper also found that Friday is the best day to post and Sunday is the worst; and that morning posts get more traffic than evening posts.

Now, Facebook’s data team has released some statistics of its own regarding Facebook status updates and the words that attract the most “likes” and comments from its members. This report, titled “What’s on your mind?” can help entrepreneurs, start-ups and businesses of all shapes and sizes take advantage of particular word categories.

What the Facebook crew did was research the use of words in 68 different word categories provided by the Linguistic Inquiry and Word Count (LIWC) dictionary. Among other categories, the words are organized by their emotional impact — including positive and negative emotions like anger and joy. The data team collected and analyzed about a million of these status updates for its report.

Among the findings are some interesting factoids. This includes the finding that younger Facebook users express more negative emotions and use more pronouns such as “I” in their updates. Not surprising, many of them also swear a lot. Older Facebook users talk more about their families. “Popular” people (those with many “friends” on Facebook) tend to use the pronoun “you” and chat less about family. And status updates seem to contain more upbeat and positive word categories in the morning hours compared to those posted later in the day.

But what struck me most about the Facebook study was the fact that status updates that included positive emotional words attract more “likes,” and words with negative connotations receive less “likes.” That updates with an upbeat tone and positive emotions prompt fewer “comments” than those with a negative theme might just mean that those reading the positive updates do not feel the need to respond. Negative updates, on the other hand, often require feedback — perhaps as consolation.

The report also shows that status updates that sprinkle an abundance of pronouns (I, you, she) receive more “likes” and comments.The same goes for more lengthy updates. The important thing to take away from all this is that once posted, a status update promoting our enterprise is no longer just about our business. It becomes about our friends and contacts and how they relate to our message.

The more your Facebook audience finds ways to associate with you through the use of similar words, the more likely they are going to accept your marketing message. Because there is a positive correlation between how much you use words from a word category and how much your “friends” do.

As active social media marketers, we should take a close look at the findings from the Facebook team and tailor our status updates and entries to reflect those word categories that are upbeat and positive.

America has long been recognized as one of the most diverse and multicultural countries on the planet.  We have been referred to as the Melting Pot of both civilizations and the world.  Over the last few decades, countless individuals and families have come here to build a better life, escape persecution, and live their own version of the American Dream.  On a busy street corner in a large city you can hear numerous languages spoken other than English.  We shop at businesses owned and operated by immigrants and people of other ethnicities.

Commentators and activists have commented on this, some expressing pessimism and others seeing diversity as strength.  Several years back, there was a debate among sociologists about the process in which these diverse backgrounds were assimilating into the American lifestyle.  The uncertainty primarily stemmed from viewing immigrant protesters in France and throughout Europe complaining of discrimination.  In the case of America, for the most part there have not been equal or equivalent events.  This is not say that America handles racial issues perfectly – as a nation we have a checkered past with slavery, segregation, discrimination, and poor treatment of ethnic, religious, and immigrant groups.  However, it seems that America has been able to walk a delicate tightrope and maintain the principle that diversity is strength in the grand scheme.

A recent article in the New York Times (can be found here) discussed how youth are often identifying themselves as bi-racial or of mixed racial backgrounds.  They are the children of mixed race marriages, and have been troubled by the recent history of racial identification.  In decades prior, these children, for the purposes of recording or monitoring purposes, were mostly forced to choose to identify simply as one race. A group at the University of Maryland’s campus has sprung up for youth who see themselves as simply more than just African-American, Hispanic or Latino, Caucasian or White, Asian, or Native American.  They seek to develop pride for all aspects of their racial and ethnic heritage by coming together and celebrating themselves.

Looking at the whole picture, America’s youth have taken their own approach to dealing with racial issues.  With many young adults coming from diverse and multiracial backgrounds, they seek to have more meaningful discussions of race and identity and the role it will play in the future of our culture, government, and economy.  This is not to say that they bring monolithic views of race – their views range from simply wanting a color blind society where race doesn’t matter to one where all their racial makeup is acknowledged and developed with pride.

Now the question is what does this mean for the future?  What impact do you think this will have on small business?  What do you think this will mean for Affirmative Action?  In the end, this may not seem to be an important economic issue – but ethnic and racial diversity has been a major asset for America’s workforce, businesses, and the overall economy.  What are your thoughts?

Mr. Kirby joins The National Puerto Rican Chamber of Commerce with an experienced background in Public Policy Analysis.  He has worked for Americans for Informed Democracy, the Center for US Global Engagement, and for local governments in Virginia on issues ranging from international finance, national security, and other areas of foreign and domestic policy.  He holds a Master of International Development Degree from the University of Pittsburgh.

Marshall can be reached at 866-576-5222 x 8, or MarshallK@NPRChamber.org.