Oriental OKs $2.8M loan to Alco High Tech Plastics
May 20, 20140847
Oriental and Alco executives convene to finalize and sign the financing agreement.
Oriental Financial Group’s banking division recently granted a $2.8 million loan to Alco High Tech Plastics, a manufacturing company in Corozal, through the Small Business Administration’s 504 program, it was announced Monday.
The loan will cover an expansion project as well as equipment purchases to manufacture packaging products, Oriental said.
Alco High Tech Plastics has been in business since 1997 and is Corozal’s largest employer, with a payroll of 130. Another 15 slots will be created due to the financing, Oriental officials said.
“This loan will help to significantly increase the company’s production volume to add capacity for new products. For us at Oriental, this is an extraordinary satisfaction,” said Elena Manrara, senior vice president of corporate banking at Oriental. “In addition, these infrastructure improvements at Alco High Tech Plastics help the economic development of the Municipality of Corozal.”
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.
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