COFECC adopts new name, expands micro-loan program
The Corporation for the Financing of Business and Communities (known as COFECC in Spanish) has reinvented itself, adopting a new brand — Lendreams — while reinforcing its micro-loans program, company officials announced Wednesday.
The company is now focused on supporting entrepreneurship in Puerto Rico and helping potential small and medium-sized companies owners to achieve their goals.
“Lendreams was not created to simply grant loans. We supply experience, guidance and we take our entrepreneurs hand in hand to make them successful. Especially, we offer business technical assistance during the life of the loan,” said Giovanna Piovanetti, executive president of Lendreams.
“That mentoring is key and we provide it here,” she said.
The change of name comes accompanied by a renewal in the company’s corporate image. With this change, the entity seeks to project its vision of “Dream in Reality” and highlight the unique services they offer.
“From the moment the client arrives to seek guidance, we guide them in the process and we take them through a learning process,” said Piovanetti.
Lendreams offers a variety of financial products and services ranging from $500 to $5.5 million, such as the SBA Micro-Loan and Grow (504) programs as well as Rural and Access. It has also developed an educational initiative known as the Business Practical Academy to support those who dream of establishing their business for the first time.
“Along with the loan, we also offer advice on how to grow the business and create greater employment opportunities. Also, through our web page we offer the ‘Micro Mentor’ service that facilitates finding a better mentor for the business free of charge,” she added.
Lendreams seeks to provide customers with “the best and newest tools for their business” by continually training its staff. The entity applies its experience in evaluation processes for loan applicants.
“We use high technology elements to serve our customers rapidly and are dedicated to creating innovative programs at the service of our customers,” Piovanetti said.
“We want them to help boost the island’s economy, create jobs, and achieve self-management and self-reliance,” she added.
Lendreams is a private, nonprofit corporation exempt under Section 501c3 of the Internal Revenue Code, authorized to grant loans to small and medium businesses in all municipalities of Puerto Rico. It is certified by U.S. Treasury Department as a Community Development Financial Institution.
“We are certified by the SBA to offer the 504 program in Puerto Rico and the U.S. Virgin Islands. It is also an authorized Intermediary entity for the processing of the SBA Micro-loans program,” Piovanetti added.
“We’re also intermediaries under the U.S. Department of Agriculture to grant commercial loans in the municipalities designated by the agency,” said Piovanetti.
For the past 34 years, Lendreams has been a prosperity manager for small and medium-sized merchants. Its funding programs from various federal agencies, as well as its commitment to technical assistance and mentoring to its clients have made it a leading institution in the economic development of Puerto Rico.