Oriental OKs $3.5M financing for The Lounge Events Furniture Rental
The company will use the funds to purchase an industrial property in Carolina.
Oriental Bank announced the closing of a $3.5 million financing agreement with The Lounge Events Furniture Rental Inc., under the Small Business Administration’s (SBA) 504 program.
The company will use the funds to purchase an industrial property in Carolina.
The Lounge Events Furniture Rental was established in 2007 to rent luxury furniture and decorative accessories for social, corporate and wedding events.
The acquired property spans 40,000 square feet with more than 80 parking spaces on a 3-acre lot. The existing structure will be used to expand the company’s storage capacity, while construction will begin on an adjacent 10,000-square-foot showroom.
“At Oriental, we’re committed to helping small and medium-sized businesses in Puerto Rico progress,” said Ricardo Sebelén, business banking manager.
“We understand the impact they have on our economy, and that is why we are proud to support them in their growth,” he added. “We want our entrepreneurs to continue evolving and achieving their goals; we’re here to be the partner that is with them every step of the way.”
