Oriental closes $5.7M financing with Sedco Corp.
The company is one of the largest hardware distributors in Puerto Rico.
Oriental Bank recently closed a $5.7 million financing agreement allowing Sedco Corp. to purchase an industrial property that will be the new offices of the family business. The loan was granted under the U.S. Small Business Administration’s 504 loan program with PYMES Financial Partners.
“This financing is an example of Oriental’s commitment to helping our clients progress. We want our clients to progress and we are here to help them. We understand the importance of supporting them since we know the role that small and medium-sized businesses play in the economy of Puerto Rico. This is why our purpose is to become your business partners, so together we can take your businesses to another level and continue growing,” said Carlos Comas, director of Oriental’s Business Banking.
The family-owned hardware distribution company has been offering products in categories including plumbing, construction, electrical, landscaping, locks and padlocks, paint accessories and window operators since 2007.
Sedco is one of the largest hardware distributors on the island. It owns several other well-known brands and distributes these products to customers throughout Puerto Rico, the U.S. Virgin Islands and the U.S. mainland through its warehouse in Puerto Rico.
“We’re very happy to be able to count on the exceptional support of Oriental to expand our operations and contribute to the development of the economy of Puerto Rico,” said Pedro Torres Sed, president of Sedco Corp.
