Looking to support Puerto Rico’s small and medium-sized businesses, financial institution Oriental unveiled another initiative within the “Relief Program for Businesses” for commercial customers that have been economically affected by the coronavirus COVID-19 shutdown.
The Relief Program for Businesses includes several loans alternatives, including an option through the U.S. Small Business Administration to cover payroll expenses, rent, mortgage interest and utilities. The bank is also offering working capital loans and cash-collateral financing (see table above).
“We’re extremely aware of the role that this segment plays in the island’s economy and now, they need our support so that their businesses can continue operating isn’t economically affected,” said Carlos Comas, vice president of business banking at Oriental.
“We will continue working to develop additional solutions to our Relief Program for Businesses,” he said.
For more details, customers may call their relationship manager or go online.