Established 2013 Villalba, Puerto Rico Four coordinated practices

The institutional finance team behind Puerto Rico's regulated and publicly funded projects.

We build the financial case, carry it through approval and closing, and install the reporting and compliance that has to hold afterward — across capital, grants, incentives, and the CFO function itself.

Book a Capital Readiness Review See the four practices
Capital Readiness Review 5 dimensions
IFinancial history & project costs
IISources & uses of funds
IIIDebt capacity & DSCR
IVDocumentation completeness
VCompliance exposure
Red
Amber
Green

Every dimension is scored independently. You leave with the score, the reasons behind it, and the sequence to fix what's red.

SSBCI
SBA
BDE / BDEPR
CDBG-DR
Act 60
DDEC
Uniform Guidance
The problem

Capital is available. Approvable projects are not.

Puerto Rico carries an unusual concentration of public and private capital — federal recovery funds, incentive decrees, state-supported credit programs, and conventional lending. Viable projects still stall, and they rarely stall on the idea. They stall on financeable projections, a defensible sources-and-uses, documented debt capacity, and compliance that survives an audit.

Before the money

Lenders and program officers decline what they cannot underwrite. Most declines are a documentation and structuring problem, not a credit problem.

After the money

Awards and decrees carry obligations that begin on day one — allowable costs, procurement, reporting, annual compliance. Losing them is expensive and avoidable.

$14.2B
Federal funds in Puerto Rico’s certified FY2026 consolidated budget
Financial Oversight and Management Board · Jun 2025
$15.3B
Federal disaster-recovery funds allocated to Puerto Rico, still unspent
HUD Office of Inspector General · Nov 2025
$109.3M
Puerto Rico’s State Small Business Credit Initiative allocation, administered through the BDE
U.S. Treasury · Feb 2023
What we do

Four coordinated practices

Most organizations meet us through one practice and stay for two or three. They share a single team, one set of financials, and one view of the obligations you are carrying.

I

Strategic CFO Office

CFO-level judgment on a fractional basis — the finance function your organization needs before it can justify hiring one.

What it covers
  • Management reporting and budget-to-actual
  • 13-week and rolling cash-flow forecasting
  • Covenant and debt-service monitoring
  • Board and finance-committee reporting
  • Back-office accounting — bookkeeping through compiled financial statements
  • Close discipline, internal controls, and internal & external audit support
When you need it

You are carrying debt covenants, answering to a board or a funder, or growing past what bookkeeping alone can support.

Engagement · Monthly retainer, defined scope
II

Capital Readiness & Execution

Build the financial case a lender or program can actually underwrite — then carry it through approval and closing.

What it covers
  • Feasibility and financial structuring
  • Sources-and-uses and capital stack design
  • Debt capacity and DSCR analysis
  • Business valuations — for financing, transactions, and planning
  • Financing packages and lender presentations
  • Term-sheet comparison, acquisition and closing coordination
When you need it

You have a specific project — an acquisition, a facility, an expansion, a refinancing — and the capital for it has not been approved yet.

Engagement · Readiness Review first, then fixed scope
III

Grants Management & Government Subsidies

Public funds are not free money — they are a contract. We build the controls that keep the award, and the audit trail that proves it.

What it covers
  • Federal-funds compliance under Uniform Guidance (2 CFR 200)
  • Allowable-cost determination and procurement controls
  • Subrecipient monitoring and pass-through obligations
  • Drawdown, financial reporting, and period-end closeout
  • Single-audit readiness and finding remediation
  • CDBG-DR and program-specific requirements
When you need it

You have been awarded public funds — or are about to be — and the reporting, procurement, and monitoring obligations now sit with you.

Engagement · Program setup, then ongoing monitoring
IV

Incentives & Financial Assistance

Puerto Rico's incentive and assistance architecture is a financing source in its own right — if you qualify for it, document it, and keep it in good standing.

What it covers
  • Act 60 decree evaluation and application support
  • DDEC and tourism-activity incentive filings
  • SSBCI access — loan participation and collateral support
  • SBA and BDE financing routes, and technical assistance
  • Municipal, CRIM and merchant-registry incentive review
  • Annual reporting that keeps a decree in good standing
When you need it

You are deciding where to locate, expand, or invest — and the incentive or assistance program is what makes the return work.

Engagement · Eligibility assessment, filing, annual compliance
Emerging practice

Digital Out-of-Home (DOOH) Advisory

Out-of-home inventory is going digital — screens, programmatic sales, and location data are changing what outdoor media is worth. We bring direct industry experience to Puerto Rico's DOOH landscape.

What it covers
  • Market entry and feasibility for DOOH ventures in Puerto Rico
  • Siting, permitting, and unit-level economics
  • Revenue modeling — occupancy, rate, and programmatic mix
  • Financing the buildout — capital structure for screen networks
  • Partnership structuring for property owners and advertisers
When you need it

You operate, own, or are evaluating out-of-home assets in Puerto Rico — or you hold real estate where digital inventory could earn its place.

Engagement · Scoped individually
How we work

One sequence, whichever practice you start in

Step 01

Readiness Review

A paid diagnostic that scores where you actually stand — red, amber, or green, dimension by dimension.

Step 02

Correction

We fix what the review found, in the order that matters — projections, structure, documentation, controls.

Step 03

Execution

Applications, lender and program presentations, negotiation support, and coordination through closing or award.

Step 04

Standing obligations

Reporting, covenants, grant compliance, and annual incentive filings — the work that keeps what you won.

Who we serve

Focused where capital gets complex

Primary focus

Owner-Led Businesses & Project Sponsors

Puerto Rico's small and mid-size businesses pursuing BDE, SSBCI, SBA, bank, or program financing — with a project that demands real statements, projections, valuations, and a business plan, and no in-house finance team to build them.

Acquisitions & expansion BDE / SSBCI borrowers Real estate & facilities Refinancing
Outsourced finance

Organizations That Need a Finance Function

From back-office accounting through compiled statements to a fractional CFO — for organizations of any sector, including the nonprofit, healthcare, and human-services groups where funding, governance, and grant compliance meet.

Referral network

Lenders & Partners

Banks, credit unions, CDFIs, CPAs, and attorneys carrying viable borrowers who are not underwriting-ready yet.

Start here

The Capital Readiness Review

A short, paid diagnostic that tells you whether your project is financeable today — and exactly what to fix if it is not. It is the entry point to every practice, and it ends with a decision you can act on either way.

Red Not financeable as presented. Structural corrections come first.
Amber Financeable after defined corrections, on a known timeline.
Green Ready to approach capital. Execution can begin now.

You leave with a readiness score and an execution roadmap — not a sales pitch.

Capital Readiness Review
Fixed fee
Scoped and quoted at intake · typically 2–3 weeks
  • Historical financial and project-cost assessment
  • Preliminary sources and uses
  • Debt-capacity analysis and funding alternatives
  • Documentation-gap and compliance-risk review
  • Incentive and program eligibility screen
  • Readiness score and execution roadmap
Why CCG

Disciplines most firms split apart

Strategic finance, capital access, transaction preparation, grant and incentive compliance, and execution — carried by one team that does not hand you off between them.

SSBCISBABDE / BDEPRCDBG-DRAct 60DDECCRIMUniform GuidanceSince 2013
Engagement

Nonprofit real-estate acquisition financed

Structured the capital stack and lender presentation for a facility acquisition — from unfinanceable to approved.

Engagement

Public technical-assistance program designed

Built intake, underwriting support, and compliance controls for a publicly funded capital-readiness program.

Engagement

Board-level debt-capacity analysis

Delivered a DSCR and term-sheet comparison a board could approve with confidence.

Anonymized engagements, illustrative of CCG's work. Not a guarantee of outcomes.

Resources

Guides we use on real engagements

Written for the person who has to defend the numbers in the room. Request any of them by email.

Report

Puerto Rico Capital Readiness Report

Why viable Puerto Rico projects fail to obtain — or fail to keep — the capital they qualify for.

Checklist

Lender-Readiness Checklist

What a bank, credit union, or program officer will require before it can say yes.

Guide

Grant Compliance & Incentive Calendar

The recurring obligations that keep an award and a decree in good standing, and when each one falls due.

Capital Markets Watch

Capital and financing, read for your project

Rates & CreditSep 17, 2026

The Fed hiked a quarter point to 3.75–4.00% on a unanimous 12-0 vote, the first increase since July 2023, and Chair Warsh said “the plain fact is that inflation is too high and has been for too long.” The dot plot moved every projection higher: the 2026 target rate went from 3.8% to 4.1% and 2027 from 3.6% to 4.1%, 16 of 18 officials penciled in another hike this year, and by the Fed's own math the first real cuts do not land until 2028. Markets are betting on one-and-done, with odds of an October hold jumping to 85% from 65%

CCG takeThe number that changed a borrower's package this week is not the quarter point but the 2027 line: the Fed's own projection now shows no net cuts next year, so any pro forma with a 2027 refinancing, take-out or step-down in the interest line assumed at a lower rate is carrying an assumption the lender's own economist no longer holds. Re-run the DSCR flat at today's quoted rate through the stabilized year, and for floating-rate debt price one more hike into the worst case, since that is what 16 of 18 officials expect. The 85% October hold is a pause, not a pivot, and should be presented as such in any credit memo.

Federal Reserve / Milk Road / Robinhood Snacks / Bloomberg
Capital MarketsSep 17, 2026

The long end exhaled: after the 10-year punched above 5% for the first time since July 2007 earlier this week and the 30-year hit 5.35%, yields fell across the curve, with the 10-year at 4.951%, the 2-year at 4.692% and the 30-year at 5.297% in late-session trading. Bloomberg's read is that Warsh's inflation commitment calmed the bond market rather than inflaming it. The real driver was oil: Saudi Arabia signaled it can restore about half the damaged East-West pipeline's capacity within days and full operations within six weeks, Brent slid to $104.82 and WTI to $101.91, and the EIA forecasts Brent averaging about $90 through the rest of 2026 and about $77 by mid-2027

CCG takeFive basis points off a 19-year high is relief, not a new regime: every permanent take-out, SBA 504 debenture and fixed-rate quote a sponsor receives this month still prices off a curve within a few ticks of its 2007 levels, and a sponsor holding off on a rate lock waiting for lower long rates is now, in effect, betting on a Saudi pipeline repair schedule. Oil reaches a Puerto Rico operating statement through the fuel adjustment and ocean freight before anything else, so the utility and freight lines in a package should use the EIA's roughly $90 Brent path as the base case and today's levels above $100 as the stress case, and the covenant cushion has to survive the stress case.

CNBC / Bloomberg / U.S. Energy Information Administration
PR InfrastructureSep 17, 2026

LUMA asked the Negociado de Energía for a 6.07¢/kWh rate increase effective October, about $48 more a month for the average household, attributing it to heat-driven consumption, oil costs and more expensive fuel; residents and business owners are pushing back on what it does to the cost of doing business. The temporary-generation fight widened at the same time: Senate President Rivera Schatz defended adviser Anthony Maceira against claims he lobbied for Gothams Energy in the failed contract and ruled out a Senate probe, while the House is weighing re-summoning energy czar Josué Colón over possible perjury

CCG takeA 6.07¢/kWh request with an October effective date lands inside the current fiscal year of every operating budget a lender is reviewing now, so the utility line should move from the sensitivity table into the base case at the requested rate, with the Negociado's ruling noted as the only thing standing between the two. A nonprofit on fixed reimbursement or a tenant under a gross lease cannot pass this through, and that is where a DSCR that cleared the lender's minimum last quarter stops clearing. The temporary-generation dispute means any project whose schedule or power supply depends on that procurement should keep both the counterparty and the date as open items in its risk section.

El Nuevo Día / El Vocero / Metro via Aquí.PR
PR GovernmentSep 17, 2026

The Junta de Planificación cut its growth forecast again, to 0.3% GNP growth in FY2026 and 0.2% in FY2027, a tenth below its January estimate, with president Héctor Morales blaming reduced federal funds, tariffs, inflation and interest rates. An Espacios Abiertos report warns Puerto Rico's Medicaid could lose about 90% of its federal funding if Congress does not act before September 30, 2027, putting coverage for up to a million people at risk, and Governor Jenniffer González is in Washington lobbying on it with Salud and ASES officials. The Instituto de Estadísticas told the Senate the “crudita” gas tax adds to the cost of living, but eliminating it would open a roughly $1.675 billion hole in the General Fund over five years

CCG takeA lender reading a 0.3% growth forecast will test every top-line assumption against it, so a pro forma that grows revenue several times faster than the economy needs a project-specific reason on the page: a signed contract, a captured market, a reimbursement rate, not a market-wide tailwind the Junta says is not there. For a clinic, hospital or Medicaid-dependent nonprofit, September 30, 2027 now falls inside the tenor of any loan signed this fall, and the package should show what share of revenue that date touches and what the budget looks like without it before the underwriter asks. The size of the crudita hole is the clearest signal yet that the fuel tax stays in the cost base for planning purposes.

Junta de Planificación / Espacios Abiertos / Instituto de Estadísticas via Aquí.PR (El Nuevo Día, El Vocero, Metro)

Curated from public sources with original CCG commentary. Informational only — not investment, legal, or tax advice. Links point to third-party sources CCG does not control.

For lenders and referral partners

Send us the borrowers who are not underwriting-ready.

We improve the financial package, projections, documentation, and management presentation — and return the file to you. We do not interfere with your credit decision, and we do not compete for the loan.

Ready when you are

From concept to capital closing — and through everything it obligates you to afterward.

Bring us the project. We build the financial case, coordinate the capital and incentive process, and install the controls that keep it standing.

Book a Capital Readiness Review
Capital Readiness Review

Request a Review

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