EDB gets 46 new loan requests through new web app

Written by  //  October 2, 2014  //  Government  //  No comments

EDB President Joey Cancel-Planas

EDB President Joey Cancel-Planas

A little over month after implementing an online service that enables citizens to interact with the agency in new ways, the Economic Development Bank for Puerto Rico said Wednesday it has received 46 applications for business loans, of which 32 are corporate applications and 14 applications for individual operations.

The electronic platform, which has a variety of tools that allow the entrepreneur to have greater access to the EDB’s products from their home or business, has received nearly 2,000 views in 30 days. Of these visits, 382 people have registered with the online service tool, bank officials said.

“This platform…was born out of the demands of the entrepreneurs themselves and in response to a public policy of greater openness and access to services,” said Joey Cancel-Planas, EDB president.

“The numbers we see today reflect that there was a real need for this type of service. Not only have we received 46 applications for funding in a month, but our system numbers reflect that there are 158 entrepreneurs who have started filing their application but have not filed them formally,” he said.

The 46 applications filed officially represent more than $47 million in requested funding and a projection of 1,173 new jobs, if approved. The statistical analysis of the new website shows that of the total number of visits to the site, 79.9 percent are new users, mostly between the ages of 25 to 34 (33.5 percent) and 18 to 24 (27.5 percent.)

Last month, the EDB launched the online banking tool that allows its commercial clients to apply for loans and follow through on their applications, becoming the first financial institution in Puerto Rico to offer this type of service.

Once the business customer accesses the site, they will be able to register and explore the different alternatives available, including an online profile that will allow the bank to offer suggestions on ideal financing products according to their needs.

The user can also figure out monthly payments according to the amount of money they are looking to borrow. Once the customer has done that exercise, they will be able to fill out their loan request online, and accompany it with the required documents. The system allows the customer to monitor the status of their application once it has been submitted electronically.

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