Small Business

SBA lending in Puerto Rico, USVI up in 3Q13

SBA loans in San Juan led the way as of the third quarter of the fiscal year with 75 approvals for $8.4 million, followed by Bayamón with 46 loans for $6 million and Caguas with 27 loans for $3 million. SBA loans in San Juan led the way as of the third quarter of the fiscal year with 75 approvals for $8.4 million, followed by Bayamón with 46 loans for $6 million and Caguas with 27 loans for $3 million.

The U.S. Small Business Administration approved 476 loans in Puerto Rico and the Virgin Islands during the first nine months of fiscal year 2013, an 18 percent increase over loans approved during the same period in 2012.

“SBA-backed lending continues to grow steadily in Puerto Rico and the Virgin Islands,” said SBA District Director Yvette T. Collazo.

“When we look back to where we stood five years ago, we couldn’t be more pleased with the results before us today,” she said. “Our participating lenders have a renewed confidence, as evidenced by the increase in our production and dollar volume.”

As of June 30, SBA loans in the district totaled $55.2 million, of which $35.5 million were approved under the agency’s 7(a) Loan Guaranty program.  The SBA’s primary lending vehicle, the 7(a) program provides long-term financing to acquire equipment and machinery, inventory, fixtures and accessories, renovations, purchase land, build new buildings, purchase existing businesses, and for the repayment of debts.

In addition, 86 loans for nearly $20 million were delivered under the agency’s 504 Certified Development Company program, signifying a 59 percent and 42 percent increase, respectively, in loan production and dollar volume over the same period the previous year.

The 504 Loan program, allows the SBA to promote economic development by creating jobs and providing small business owners long-term, fixed financing.

“Small businesses are at the cornerstone of our economy, and we look forward to continue providing them with the financial assistance they need to start and grow successfully,” Collazo said.

Loans in San Juan led the way as of the third quarter of the fiscal year with 75 approvals for $8.4 million, followed by Bayamón with 46 loans for $6 million and Caguas with 27 loans for $3 million. Of the total activity for the period, 99 loans went to business start-ups.

Author Details
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.

Can we count on you?

As recent events have shown us, independent and responsible journalism is more important than ever. That’s why your support is very necessary to ensure that we will be around for a while!

We want to stay true to our mission of delivering quality journalism…for that, we count on your support. Every contribution, big or small, is greatly appreciated!

Use the PayPal button below and contribute today!


Comment here