Oriental Bank’s corporate banking division recently granted Puerto Rican company Bettina Cosmetics Inc. a loan exceeding $1.4 million, in keeping with its goal of supporting the island’s economic development. Bettina Cosmetics has been in business for more than 50 years.
With the financing, Bettina Cosmetics will expand its manufacturing operations in Dorado, as well as buy state-of-the-art equipment, officials said. The investment will also help create direct and indirect jobs in the area.
“Through this loan, we help to significantly increase the company’s production capacity of by adding resources to expansion and export products by a Puerto Rican company,” said Elena Manrara, senior vice president of corporate banking at Oriental.
“In addition, these infrastructure improvements for Bettina Cosmetics Inc. will make it possible for facilities that were not in use in that municipality to be remodeled and generate economic activity for the region,” Manrara noted.