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 12, 2026

The September 16 FOMC has turned from coin-flip to near-consensus tightening, with markets putting a hike near 85–90% under new chair Kevin Warsh: August core CPI ran +0.3% m/m against +0.2% expected, headline landed as forecast at +0.4% m/m and +3.4% y/y, annual core eased to 2.4% from 2.5%, and the economy underneath is running hot with payrolls at 162K against a 53K consensus and the Atlanta Fed's GDPNow tracking Q3 growth at 4.7%

CCG takeA hike that is 85–90% priced is already in the index a lender quotes today, so the cost of a floating-rate construction loan or line of credit is not waiting for Wednesday; what Wednesday decides is whether the move after that is another increase. With growth tracking 4.7% and payrolls three times consensus, the Fed has no slack-economy reason to stop at one, and a project underwritten this summer on the assumption that rates had peaked should carry a DSCR case that assumes more than the single increase already priced into the credit committee. The annual core easing to 2.4% is the argument a borrower can make for a tighter spread over the index, not for a lower index.

BLS / Federal Reserve / Atlanta Fed GDPNow via Milk Road and AP
Capital MarketsSep 12, 2026

The 10-year Treasury finished the week at 4.96% and the 2-year at 4.63%, a positively sloped curve of roughly 33 bp (a spread derived from the two quoted yields, not separately sourced), after yields hit their highest since 2023; the 10-year auction cleared at its highest yield since 2007 yet drew strong demand, Treasury raised its long-end liquidity-support buybacks to operations of up to $6 billion effective September 9, and investment-grade spreads tightened to about 78 bp ahead of a heavy September issuance calendar

CCG takeSpreads at 78 bp next to a 10-year near 5% describe a market that fears the index, not the borrower, and that shapes what is negotiable: lenders are willing to lend and the rate is already paying them, so the pressure point in a term sheet is the margin over the index, the amortization schedule and the prepayment terms, not whether the credit clears. A positively sloped curve also means a permanent take-out priced off the 10-year now costs more than a construction period priced off the short end, which is not what a pro forma built under an inverted curve assumed, so the stabilized-year DSCR is the one to re-run. Treasury having to buy back the long end is a plumbing signal that long-dated fixed-rate quotes can move faster than the index headlines suggest.

U.S. Treasury / AP / Advisor Perspectives
PR InfrastructureSep 12, 2026

Governor Jenniffer González's administration has sued in the San Juan Court of First Instance to cancel LUMA Energy's transmission-and-distribution contract and calls finishing the cancellation in 2026 a priority, ruling out a return of the grid to PREPA in favor of a different private operator with U.S. firms already sounded out; in parallel, a procurement is underway for 3,000 MW of new generating capacity with roughly 1,000 MW expected online while existing plants are repaired, and the National Hurricane Center reports 2026 set the satellite-era record for the latest first Atlantic hurricane

CCG takeFor any project that needs a grid interconnection or a LUMA endorsement inside its permit chain, the counterparty that signs the endorsement in 2026 may not be the one operating the grid when the project energizes, and a lender will ask who honors it. That argues for getting the interconnection study and the endorsement letter executed now rather than sequencing them after OGPe, and for carrying the energy line of the operating budget with a sensitivity for load-shedding and backup generation until the 1,000 MW actually lands. The record-late hurricane season is the one piece of good news: an unusually quiet Atlantic is a construction season without a weather stop, not a reason to trim the contingency.

El Nuevo Día / National Hurricane Center
PR EconomySep 12, 2026

WTI crude ended Friday at roughly $100 a barrel, down about 2.5% on a report that Tehran will meet Gulf states in Oman over the Strait of Hormuz but still sharply higher on the week; day 196 of the Iran war brought Houthi control of Yemen's entire Red Sea coast, projectiles striking two vessels near Khasab, Oman, and reports that Iran has restarted ballistic missile production, while gasoline's 3.9% jump accounted for over a third of August's CPI increase

CCG takeA $100 barrel reaches a Puerto Rico operating statement twice before it reaches the Fed: as the fuel adjustment on the power bill of a generation fleet that burns imported fuel, and as ocean freight on every imported input in a construction budget. A single headline about talks in Oman took 2.4% off the barrel in a day, which is a measure of how much war premium sits in the price, so the utility and freight lines in a loan package should be shown as a range with the current level as the high case rather than as one figure carried over from last year's actuals. A lender reading a 4.7% GDPNow next to $100 oil will underwrite the hike, not the truce.

UK Maritime Trade Operations / Al Jazeera / FDD via aggregated reporting

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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