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.”