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 & CreditOct 30, 2026

The Federal Reserve held at 3.75–4.00% on Wednesday in a 10–2 vote, with Lisa Cook and Beth Hammack dissenting in favor of a hike, and Chair Warsh said he will reduce the number of rate-setting meetings starting next year. Markets price roughly an 80% chance of a December increase; Nuveen expects one more hike by year-end and then a hold through 2027. The data gave the Fed no reason to ease: Q3 GDP came in at 3.4% annualized, up from 2.2% in Q2 per the BEA advance estimate, jobless claims fell to 194,000 for the week ending October 24, and September headline PCE rose 3.6% year over year with core PCE at 3.1%. The 10-year Treasury fell about 9 basis points to roughly 4.90% on Friday, a second straight day of duration buying, after touching above 5.3% earlier in October, its highest since 2002; no confirmed October 30 close was available for the 2-year, per the Federal Reserve, Nuveen, the BEA and Yahoo Finance via Opening Bell Daily, and CNBC.

CCG takeTwo committee members voting for a hike while the market prices one for December means the question for any package reaching a credit committee in the first quarter is no longer whether rates fall but when they rise, so coverage should be shown at today's cost of debt plus a quarter point and the covenant tested at that higher level. Friday's 10-year at 4.90% was a flight-to-safety bid on a day equities sold off, not a change in Fed direction, and a sponsor with a fixed takeout should treat it as a lock window rather than a base case. Fewer rate-setting meetings next year also means fewer and larger repricing points, which argues for sizing the interest reserve on a SOFR-based construction loan with more cushion than the current forward curve implies.

Federal Reserve / Nuveen / BEA / CNBC
Capital MarketsOct 30, 2026

Junk has crossed into distressed territory: the riskiest tier of high yield breached the formal 1,007 basis point distressed threshold on September 30, the first such breach since March 2023, and with the 10-year near 4.90% after a run above 5.3% the refinancing math has changed for low-rated borrowers. Private credit marks are deteriorating too. Across the 15 largest business development companies, debt marked below 80 cents on the dollar rose 64% over the past year to $6.8 billion, concentrated in software and second-lien loans, with the caveat that private loans are marked quarterly rather than daily and so lag public CCC spreads rather than lead them. Roughly $1.5 trillion of US leveraged loans mature through 2026–27, and Nvidia's roughly $36 billion of exposure to AI cloud firms is now described as facing its first credit stress test, per credit-market reporting compiled from Opening Bell Daily and web sources, and 1% Better.

CCG takeThe lenders under pressure here are the non-bank funds that supply the second-lien and mezzanine layer above what a bank will hold, and a fund marking its book down is a fund that tightens terms on its next deal, so a Puerto Rico capital stack that depends on a private-credit tranche should carry a bank-only alternative with a smaller project scope. The quarterly-marks caveat cuts one way: the $6.8 billion understates where those loans trade today. Any island borrower with a 2026 or 2027 maturity is in the same refinancing queue as that $1.5 trillion, and a package that opens the conversation now, with the DSCR shown at current spreads rather than the original loan's, reaches the lender before the queue does.

Opening Bell Daily / 1% Better
PR GovernmentOct 30, 2026

Nearly thirty senior officials have now left the González administration. El Nuevo Día's lead tallies 28 high-level exits, resignations and removals, across the first 22 months of Governor Jenniffer González's term, headed by former chief of staff Francisco Domenech, and the same roundup includes the dismissal of the head of ADSEF over performance issues. The churn traces back to an economic-development blowup: Economic Development Secretary Sebastián Negrón resigned alleging the administration interfered in his agency's work, taking roughly a dozen people with him, and Domenech and deputy chief of staff Itza García followed amid corruption allegations both denied. Bloomberg Línea has reported the turnover is shaking the administration's economic agenda. El Nuevo Día arrived as an ePaper edition with only its lead headline usable and no second Puerto Rico outlet was available, so this item rests on fewer sources than usual, per El Nuevo Día and Bloomberg Línea.

CCG takeRoughly a dozen departures from the economic-development agency is a change of counterparts in the middle of every pending incentive decree, endorsement and permit that agency touches, and the practical cost is time, because a reviewer who inherits a file re-reads it. A financing package with a permitting or incentive milestone on the critical path should carry dated written confirmation of each file's current status and a schedule with float between the endorsement date and the construction draw it unlocks, since a lender funding against a government approval will now ask who signs it. An incentive or public contract that has not yet been executed belongs in the projection as contingent until the signature exists.

El Nuevo Día / Bloomberg Línea
Energy & FuelOct 30, 2026

Iran's Revolutionary Guard said three oil tankers caught fire after striking mines on an unauthorized southern route near the Omani coast, with its army reporting a fourth east of the Strait of Hormuz; Oman evacuated 25 crew from a vessel attacked off Musandam, and the IRGC disputed CENTCOM's claim that US forces had cleared the primary transit lanes. CENTCOM briefed President Trump with military options on Thursday and senators were briefed on a plan to restart the war, with no final decision reported, while Qatari mediators returned to Tehran. WTI rose about 1% to an approximate late-session print near $103.50 and Brent sits near $115, so the market is already carrying a risk premium, with tanker insurance and freight rates the next thing to reprice; September headline PCE at 3.6% already carries energy pass-through, per CNBC and Al Jazeera, with crude prints from feeds that disagreed by 1–2% on the day.

CCG takePuerto Rico's electricity, transport and propane costs all sit downstream of imported fuel, so a 2027 operating budget priced off the 2026 fuel line is already stale, and the energy row in any projection should be stressed at today's Brent plus a shipping and insurance premium that persists rather than one that fades. Headline PCE at 3.6% with energy inside it is also the number keeping the two Fed dissenters hawkish, which means a fuel shock reaches an island borrower twice, once through operating cost and again through the rate on the loan. A DSCR that only clears with energy held flat is the one a credit committee sends back.

CNBC / Al Jazeera

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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