Banesco USA closes SBA lending acquisition, enters national market
Banesco USA closed its acquisition of the Small Business Administration lending business and about $95 million in SBA loan balances from BayFirst Financial Corp., formally marking its entry into the national small business lending market.
The transaction allows Banesco to diversify its commercial services while expanding beyond its existing markets. As part of the deal, Banesco acquired the servicing rights tied to the purchased loans and will also service all SBA loans that BayFirst continues to own.
“Through the acquisition of the SBA lending business and a portfolio of SBA 7(a) loans, Banesco gains the infrastructure, expertise and enhanced capabilities to deliver SBA lending on a national scale,” said Calixto “Cali” García-Vélez, CEO of Banesco USA.
“As a commercial bank, we recognize that small and medium businesses are the backbone of our economy, and this transaction aligns with our growth strategy to expand our small business lending capabilities,” he said.
More than 50 professionals joined Banesco as part of the acquisition, strengthening the bank’s SBA expertise and establishing a presence in the Greater Tampa Bay region. Bank officials said the expansion will broaden its ability to serve small and midsize businesses while diversifying revenue.
“This acquisition is part of Banesco’s broader plan to strengthen its competitive position, diversify revenue streams, and invest in markets in Florida and Puerto Rico with strong economic development,” García-Vélez added.
Banesco also plans to extend its SBA lending capabilities to Puerto Rico, including hiring specialized staff focused on the island’s small business sector.
“This new business line will not only reinforce Banesco’s presence in Puerto Rico but also will gain access to a new commercial segment that complements the bank’s existing services,” said Maritza Abadía, president of Banesco USA in Puerto Rico.
Bank executives said the closing represents a key milestone in Banesco’s growth strategy as it expands into national SBA lending while continuing to serve commercial and middle-market clients in Florida and Puerto Rico.
