Oriental Bank supports SMEs
Small and medium sized enterprises (SME) are often called the “backbone” of Puerto Rico’s economy. They account for 95% of the business on the island and almost half of all the jobs in the private industry, and they are key for stimulating entrepreneurship and developing a strong economy.
That’s why we support SMEs. From special loans and credit lines to advice and technological alternatives, our priority is to make things easier for its clients. The goal is that small and medium sized businesses say “¡Sí puedo!” (“Yes, I can!”) and start managing their finances with confidence.
Resources for SMEs
At Oriental Bank we offer a wide range of options for small and medium sized enterprises. Commercial loans for SMEs[1]can help a business owner accomplish their goals, expand their production, finance their operational expenses or make an inventory purchase. We also provide services linked to the buying or refinancing of commercial property, like loans and mortgages, and can facilitate the acquisition of new equipment.
Now more than ever, SMEs require a different, innovative, and more flexible kind of banking. Achieving operational independence through growth is the only way a small business can establish itself in a secure, long-term way.
During these difficult and challenging times, we are focusing on helping SMEs to overcome the challenges presented by the COVID-19 pandemic, so thousands of businesses obtained loans that allowed them to remain open and keep their workforce. That also included a new and accessible online system, the first one of its kind, that became a way for SMEs to get the help they needed without obstacles.
Technology is our ally
Our digital platform, Cash Management[2], allows business owners to manage their operation and make transactions without going to the bank or meeting personally with a supplier. This kind of online banking for SMEs proved key during these difficult times.
Cash Management also allows our clients to monitor their accounts and transactions. They can make transfers, pay salaries and make payments to clients all over Puerto Rico and USA through the ACH. They can also program payments and set various types of notifications, simplifying the administration of business and establishing a firm grip on expenses and finances.
To allow our clients to make these operations from their cell phones we also have the app Oriental Biz. This lets our clients approve ACH transactions or make check deposits[3] without visiting a branch office. It’s a portable tool that simplifies the life of the business owner, making their finance accessible anytime, from anywhere.
All these platforms are extremely secure and are designed to provide comfort and clarity to the client.
[1] Subject to Credit Approval
[2] Certain terms, conditions and restrictions apply. The Oriental Cash Management service has a cost which depends on the package that is contracted. Member FDIC.
[3] FOTOdepósito and People Pay services are available only for accounts originating from Oriental Bank. Any check must be payable to the account holder in which it is requested when it is deposited and endorsed. Subject to Oriental Bank’s Fund Availability Policy. Member FDIC.
This article is sponsored by Oriental Bank. For more information, go to orientalbank.com. Member FDIC.
