CUD, Nave Bank partner to boost access to capital for SMEs in Puerto Rico
The United Retailers Association (CUD, in Spanish) announced a strategic alliance with Nave Bank, Puerto Rico’s first digital bank, to give its more than 5,000 members access to financial products designed for small and medium-sized businesses.
CUD President Ramón C. Barquín said the partnership seeks to expand members’ access to capital, describing it as a step toward creating a more agile and modern business environment for retailers.
“SMEs are the sector in Puerto Rico most in need of access to capital, which is why part of our commitment to our members has been to expand their access to these resources,” Barquín said. “This alliance represents a concrete step toward the future we envision for our retailers: an agile, modern ecosystem with access to tools that enhance their ability to compete and prosper.”
Through the agreement, members will have access to lines of credit, commercial loans, business accounts and digital banking services aimed at improving cash flow and supporting investment.
Carlos M. García, president of Nave Bank, said the alliance will bring the bank’s digital services to merchants throughout the island.
“At Nave Bank, we’re building the bank of the future, today. This alliance with the CUD allows us to bring our digital solutions to the merchants who keep Puerto Rico’s economy alive,” he said. “We believe in an agile, customer-centric banking model.”
Officials from both organizations said they share a goal of broadening access to capital and modernizing Puerto Rico’s commercial sector “without losing sight of the value of tradition, proximity and financial integration.”
