In line with its renewed service platform launched earlier this month to meet the needs of small and medium businesses, FirstBank and the Small Business Administration announced Monday the first closing under the agency’s pilot 504 loan refinancing program to Coamo Golf Bakery for $173,098.
FirstBank Puerto Rico is looking to triple its market share of small- and mid-sized business customers over the next five years from its current 12 percent through an aggressive campaign and revamped platform catering to the segment often tagged as the motor of the island’s economy.
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.
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