Puerto Rico’s banking sector is not generating enough deposit activity to fund loan demand, which makes it very competitive and leads to higher deposit costs when compared to the mainland U.S.
As the mortgage banking industry tightens conditions for loan approvals, market newcomer Multi Mortgage has been quietly positioning itself as a go-to option for local consumers, closing on some $20 million in loans less than a year after being established.
Oriental Financial Group’s staff is literally lacing up its sneakers to keep up the pace with the goal the company has placed at the finish line: growing its commercial banking division at a brisk rate and closing $500 million in new loans this year.
The U.S. Small Business Administration approved 264 loans in Puerto Rico and the U.S. Virgin Islands during the first six months of fiscal year 2012, a 13 percent increase over loans approved during the same period the previous year, the agency said Thursday.
Gov. Luis Fortuño announced Monday the government has granted $103 million in loans through programs run by the Economic Development Bank, under the “Because You Can” initiative that caters to small- and mid-sized businesses and pursues job creation and economic activity.
Popular Mortgage wrapped up 2011 with a 7 percent year-over-year growth, closing on 9,773 residential loans worth nearly $1.3 billion, division President Pablo Pérez said Wednesday.
Refinancing a property is usually an expensive proposition that entails costly appraisals as well as fees that can add up to thousands of dollars, which often hold home owners back from reworking their loans to take advantage of dropping interest rates.
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.
Backing its mantra that “the island’s future development will be in the hands of youth,” the Economic Development Bank is kicking off its “Because You Can” entrepreneurial initiative with a visit to Sacred Heart University in Santurce this Friday.
The Economic Development Bank will be setting its sights on promoting self-employment initiatives in 2012, targeting specific sectors with orientation sessions and, perhaps most importantly, funding, agency President Ivonne Otero said.
The Economic Development Bank this week marked the end of the first phase of the Vieques and Culebra Tourism and Commercial Development Loan Program, which has already approved $1 million in loans that have created 74 new jobs split between the two island municipalities.
Economic Development Bank President Ivonne Otero and University of Puerto Rico President Miguel Muñoz unveiled Tuesday the "University Business Movement" program, a new initiative that seeks to promote an entrepreneurial spirit among college students.
The U.S. Small Business Administration said Monday it has extended the deadline for homeowners, renters, businesses and nonprofit organizations in Puerto Rico to return applications for physical damage caused by Hurricane Irene. Since launching the assistance program in August, the agency has approved more than $3 million in loans.
The U.S. Small Business Administration guaranteed 656 loans in Puerto Rico and the U.S. Virgin Islands during fiscal year 2011, a 57 percent increase over loans approved during the previous year. The results obtained are due in part to incentives implemented under the Small Business Jobs Act of 2010 and to a renewed commitment from SBA lenders.
With just a week to go before the Oct. 26 deadline to submit disaster loan applications, the U.S. Small Business Administration announced Wednesday that so far it has approved $2 million in assistance for damages sustained by local businesses and residents in the wake of Hurricane Irene earlier this year.
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