The U.S. Small Business Administration revealed it has guaranteed nearly 2,000 loans for between $150,000 and $10 million through its Payroll Protection Program in Puerto Rico, totaling a little more than $1 billion as of June 30.
The list released Wednesday is broken down into brackets of $5 million to $10 million, $2 million to $5 million, $1 million to $2 million, $350,000 to $1 million, and $150,000 to $350,000. Loan applicants stated the money would go toward protecting 197,000 jobs combined.
The 10 businesses approved for the highest loans include familiar names — mostly local restaurant chain operators. The list includes: Caribbean Restaurants Inc. (which operates Burger King restaurants in Puerto Rico); Encanto Restaurants Inc. (KFC, Taco Bell, Pizza Hut and iHOP); International Restaurant Services Inc. (Chili’s); South American Restaurants Corp. (Church’s Chicken, Pollo Tropical, Krispy Kreme); and, Wendco of Puerto Rico Inc. (Wendy’s).
That list also includes Caribbean Temporary Services, Centro Médico del Turabo Inc., Genesis Security Services Inc., GFR Media, and Universal Insurance Co.
The companies in this group alone said they would be saving or retaining 5,000 jobs on the island through the approved loans, SBA data shows.
The $2 million to $5 million bracket comprises 75 approved loans to — among others — hotels, auto dealerships, food distributors, universities, hospitals, law firms, grocery stores and retailers, namely:
- Abarca Health LLC
- Airport Shoppes Corp.
- Antilles Cleaning Services Inc
- Autogermana Inc
- B. Fernandez & Hnos Inc.
- Bahia Beach Ch Development LLC
- Ballester Hermanos Inc.
- BDO Puerto Rico PSC
- Bella International & Esteves 30
- Bluewater Defense Inc.
- Cabrera Grupo Automotriz, LLC
- Capitol Security Police Inc.
- Caribbean Lumber & Hardware Inc.
- CCHPR Hospitality, LLC
- Cesar Castillo LLC
- Compañía Cervecera De Puerto Rico Inc
- Condado Duo La Concha SPV, LLC
- Condado Duo Vanderbilt SPV, LLC
- CPM PR LLC
- CSA Architects and Engineers LLP
- DDM Professional Leasing Services, Inc.
- Drogueria Betances LLC
- Eastern America Insurance Agency Inc.
- EDP University of Puerto Rico Inc.
- El Mesón de Felipe Inc.
- Elderly Transportation Services, LLC
- ESJ Resort, LLC
- GMD Airline Services Inc.
- Grupo Cooperativo Seguros Múltiples
- Hospital Comunitario Buen Samaritano
- Hospital Menonita Guayama Inc.
- Individual Management and Consultant Inc.
- Jose Santiago Inc.
- Laboratorio Clínico Borinquen Inc.
- Management Temporary & Contract Employment Services Inc.
- Mangual Office Cleaning Services Inc.
- Marpor Corporation
- McConnell Valdés LLC
- Med Centro Inc.
- Méndez & Co. Inc.
- Mentor Technical Group Corp.
- MM Manufacturing, LLC
- Motorambar Inc.
- Nave Inc.
- Neolpharma Inc.
- Neomed Center Inc.
- Novus Inc.
- O’neill & Borges, LLC
- O’neill Security Consultant Services, Inc.
- Pan Pepín Inc.
- Pepsi Cola Puerto Rico Distributing LLC
- Perfect Integrated Solutions Inc.
- Physician HMO Inc.
- Presbyterian Community Hospital Inc.
- Puma Energy Caribe LLC
- Restaurants Operators Inc.
- Rooms to Go (PR) Inc.
- Ryder Memorial Hospital Inc.
- San Jorge Children’s Hospital Inc.
- SB USVI Acquisition, Inc.
- Serralles Hotel Inc.
- Suiza Dairy Corporation
- Supermercados Econo Inc.
- The Retail Group Inc.
- Universidad Politecnica de Puerto Rico Inc.
Another 138 businesses secured loans for between $1 million and $2 million, including many schools, nonprofits, colleges, healthcare facilities, several auto dealers, and retailers, among others, according to the list.
The federal agency also disclosed that 570 Puerto Rico-based businesses applied and were approved for loans of $350,000 to $1 million, including schools, advertising agencies, hotels, car rentals, food manufacturing operations, retailers and publishing houses.
Included in this group is Latin Media House, parent company of Caribbean Business, Magritte Inc., which this week announced the closing of its brick-and-mortar store at Plaza Las Américas after 40 years, and Mercato Centrale, LLC, which operates an eatery at The Mall of San Juan.
The final group of about 1,200 companies that requested and got loans for $150,000 to $350,000 includes dozens of private schools and drugstores, healthcare providers and labs, retailers and nonprofits.
Several notables in this bracket include the Puerto Rico Olympic Committee, Aurorita’s Mexican Restaurant, Bettina Cosmetics Corp., the Center for a New Economy, funeral home Ehret Inc., and the Royal Isabela hotel.
“This is great news for American small businesses, especially as the Paycheck Protection Program continues to be a success. More than 511,000 Atlantic Region small businesses and non-profits have been approved for almost $57.5 billion in private capital backed by the federal government, that has allowed small business owners and entrepreneurs to save hundreds of thousands of jobs,” said Steve Bulger, SBA Atlantic and mid-Atlantic regional administrator.
“COVID-19 has impacted the economy in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands, as well as the nation. But our job creators have shown resiliency and strength in uncertain times,” Bulger said.
“The PPP is truly serving the needs of small businesses, especially as 27% of the program’s reach has gone into low and moderate-income areas and the average national loan size is about $100,000,” he said.
“The small business and nonprofit financial relief program’s extension to Aug. 8 is welcomed, especially as entrepreneurs and no-profits face an uphill climb on the road to recovery. They now have an extra month to apply for and benefit from the SBA’s forgivable loan program that keeps workers on payroll and receiving their paychecks,” Bulger said.
Banco Popular originates $928M in loans in second round
Since April, the SBA has been working with lending institutions in Puerto Rico, namely Banco Popular, Oriental Bank, FirstBank, Banco Santander, and several credit unions islandwide to move the aid into the economy.
On Wednesday, Popular announced that as of June 30, it had originated $928 million in loans during the second round of the PPP. This amount, along with the $496 million closed in the first round of the PPP, totals $1.4 billion in loans made under the program.
Popular generated $1.1 billion in Puerto Rico, $215 million in the mainland United States, and $29 million in the U.S. Virgin Islands, it confirmed.
Popular processed a total of 28,000 loans among its three markets, mostly for small businesses. Of all loans generated, 73% were for less than $25,000 and 21% were between $25,000 and $150,000. Furthermore, 26,000 of these loans were granted to companies in Puerto Rico, representing 69% of the total loans approved under this program in Puerto Rico.
The average loan size was $45,000 for Puerto Rico and the USVI and $152,000 for the mainland United States, the bank further noted.