EDB and FirstBank close first SSBCI loan
Intervoice Communication of Puerto Rico received the loan under the U.S. Treasury Department’s State Small Business Credit Initiative program.
The Puerto Rico Economic Development Bank (EDB) recently announced the closing of its first financing deal, with collateral support, in collaboration with FirstBank under the U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI) program.
The achievement marks a significant step forward in the EDB’s efforts to support small and medium-sized enterprises, the entity noted.
The loan was to Intervoice Communication of Puerto Rico, a consulting services firm specializing in the design, implementation and installation of information technology systems. The company employs 80 people in San Juan.
The SSBCI’s Collateral Support program provides cash collateral to cover applicants’ collateral deficiencies, which would otherwise prevent them from obtaining the requested funding amount. It covers up to 50% of the total financing, with deficiency defined according to the credit policy of the originating financial institution.
“This first closure with private banking under the SSBCI program is a testament to the commitment we maintain at the EDB to the economic growth of our island,” EDB president Luis Alemañy said. “By collaborating with institutions such as FirstBank, we forge an environment conducive to local companies to prosper, expand and create more employment opportunities.”
Ayhsa Issa, first vice president of personal and small business banking at FirstBank, added, “We recognize the importance of making funds available to our customers that contribute to their business growth. For FirstBank, being the first commercial bank to already offer funds from the Economic Development Bank’s SSBCI program represents another financing alternative to the traditional ones to continue supporting entrepreneurs who want to take their business to another level.”
“This financing represents the opportunity for our company to export our services to other markets such as U.S.” mainland, said Carlos Ortiz, president of Intervoice Communication of Puerto Rico.
