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 17, 2026

September CPI printed 3.7% headline and 2.6% core, with gasoline up 9.1% and accounting for half the monthly increase, and CME FedWatch odds of a hike at the October 27 to 28 meeting jumped to roughly 52% from about 22%; the Fed already raised 25 bp in September, its first increase in three years. Treasuries closed Friday near 5.07% on the 10-year, 4.73% on the 2-year and 5.42% on the 30-year by CNBC's figures, levels that should be read as approximate because one data vendor showed the 10-year at 5.125% and the official Treasury curve could not be confirmed. WTI crude settled at $101.41, up 10.4% on the week, after Iran declared the Strait of Hormuz closed, per the Bureau of Labor Statistics via CNBC, The Hill and Kiplinger, CME FedWatch and Euronews.

CCG takeThe hike question has moved from whether to how many, and gasoline's share of the September print means a 10.4% weekly move in crude is already the first input to the October CPI that lands before the next meeting. For a Puerto Rico borrower the short end is what prices a line of credit, a construction loan or SBA 7(a) paper, and the 2-year now sits only a fraction of a point below the 10-year, so a floating-rate project loses coverage with every 25 bp step while the term sheet it was underwritten on still assumes relief. Re-run DSCR with the policy rate one step higher and fuel marked to this week's crude before the file reaches committee, and treat the curve figures as a working range rather than a settled index until Treasury's official close is available.

Bureau of Labor Statistics / CNBC / The Hill / Kiplinger / CME FedWatch / Euronews
Capital MarketsOct 17, 2026

Alphabet, Amazon, Meta and Oracle had issued more than $228 billion of bonds this year as of October 13, more than twice their combined 2025 total and weighted to 20- and 30-year paper, with full-year AI-related issuance estimated at $300 to $570 billion and AI infrastructure debt approaching $500 billion. CoreWeave's five-year CDS was quoted above 1,100 bp in mid-October, a level the sources do not agree on, Oracle's printed 288 bp and SoftBank's 424 bp, and CoreWeave's unsecured 2032 bonds fell below 80 cents on the dollar. The broad market is calm by comparison: the ICE BofA investment-grade OAS was 86 bp as of October 1, the U.S. corporate spread 0.84% on October 14, three basis points wider than a year ago, and Deutsche Bank's October 15 note called AI financing costs manageable and the stress issuer-specific, per Bloomberg, Insurance Journal, Apollo's Torsten Slok, ICE BofA and Deutsche Bank.

CCG takeThe borrowers under stress are the ones whose revenue depends on a buildout that has not yet paid for itself, and that is the test a Puerto Rico lender will now apply to any project whose repayment rests on a tenant, offtaker or contract that is still being negotiated. A corporate spread only three basis points wider than a year ago means the coupon on a local loan is moving with the policy rate, not with credit fear, so a sponsor should not expect spread relief to offset the next hike. Where it bites locally is data-center, energy and tech-adjacent real estate: expect pre-leasing, guaranteed offtake or a creditworthy counterparty to become a condition precedent rather than a sources-and-uses footnote.

Bloomberg / Insurance Journal / Apollo / ICE BofA / Deutsche Bank
PR PermittingOct 17, 2026

Representatives of multiple organizations protested outside the Capitol against the substitute bill for the reforma de permisos, which could return to a Senate session. In the same week, an El Nuevo Día investigation into recent contracting scandals identified at least six disputed procurement processes across five agencies under the current administration, pointing to lack of transparency, bid manipulation and fragmented rules, and Alberto Fradera confirmed he was asked to resign at Public Housing amid political tension. Drought coverage eased to 57.01% of the island and AAA does not currently foresee adding rationing days, though a breakdown at La Plata left more customers without service, per El Nuevo Día and Telemundo PR.

CCG takeA permit code that is back before the Senate after a protest is not a code anyone can file under yet, so every endorsement chain stays on current regulations and every draw schedule stays tied to permits already issued, with the transition disclosed in the sources-and-uses narrative rather than discovered at closing. Six disputed procurements across five agencies gives every contracting officer a reason to add a review step, so a government contract or public-funds receivable in a cash-flow projection should carry a longer collection lag and a documented award file before a lender counts it as coverage. A leadership change at Public Housing is the same signal for anyone whose project depends on that agency's sign-off: get pending approvals signed, and date-stamp the ones that are not.

El Nuevo Día / Telemundo PR
Capital MarketsOct 17, 2026

Continuation-fund exits grew from under 1% of global private-equity exit value to a 7.3% peak in 2025, with nearly 80% of assets entering within seven years of initial investment, single-asset IT continuation vehicles doubling from five in 2023 to ten in 2025 as their value rose from $1.9 billion to $7.3 billion, and six companies rolled into a second continuation fund in 2025 versus one in 2024, per PitchBook senior analyst Jinny Choi. Only 18 companies went public in Q3, leaving 992 active unicorns, PE fundraising has 'definitely gotten harder over the last 18 to 24 months' per PitchBook's Kyle Walters, and both Anthropic and OpenAI have delayed IPOs, per PitchBook and the Wall Street Journal via PitchBook.

CCG takeWhen sponsors roll companies into a second continuation fund instead of selling, the exit a founder was promised at year five is arriving at year eight or later, and the mark that justifies the roll is set by the same manager that needs it. An owner with a fund-backed company, or selling to one, should commission an independent valuation before any recapitalization or secondary and should not read a sponsor's hold as a vote of confidence in the price. For a Puerto Rico business seeking growth capital, the practical reading is that PE processes are slower and more selective than a year ago, so a bank or SSBCI-backed structure sized on today's DSCR is the financing that actually closes this quarter.

PitchBook / Wall Street Journal via PitchBook

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

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