If the results of the first quarter of the federal fiscal year are any indication, 2012 should be good for small and mid-sized business lending activity in Puerto Rico and the U.S. Virgin Islands, which is already picking up significantly in contrast to last year’s results.
Following a year taken up mostly by efforts to stabilize operations, the banking sector is ready to regain full financial footing and begin growing loan portfolios in 2012. All that activity should yield a much-needed positive effect on the economy, several high-ranking bankers told News is my Business.
Even before 2012 started it was already shaping up to be a year of “many challenges” for the island’s economy, Puerto Rico Chamber of Commerce President Salvador Calaf said.
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