SBA approves more than $2M in Hurricane Irene-related disaster loans
October 19, 2011
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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Op-Ed: Hurricane Irene update: Assessing the damage and taking action to help business owners, homeowners and renters
September 12, 2011
Right now, many communities are still feeling the aftermath of Hurricane Irene, including major floods in Puerto Rico. I can’t emphasize enough the importance of staying safe and listening to public officials. Flooding is still widespread and dangerous power lines are still down, so be sure to steer clear.
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NY Fed Home Loan Bank to grant $500M in disaster loans
September 7, 2011
The Federal Home Loan Bank of New York announced Tuesday it will be providing up to $500 million in disaster relief loans to help communities affected by Hurricane Irene begin the process of rebuilding.
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EDB launches ‘Because you can’ financing program
September 7, 2011
Looking to promote entrepreneurship among the island's neediest populations, including recent college graduates, inmates about to complete their sentence and medical professionals participating in the government's health reform program, Governor Luis Fortuño announced Tuesday the start of the new "Because you can" financing program.
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EDB gives farmers battered by Irene 3-month break on loan payments
August 26, 2011
In the wake of the destruction Hurricane Irene inflicted upon the agriculture sector, currently estimated at some $20 million, the Economic Development Bank has granted an automatic three-month stay on loans held by insured farmers, agency chief Ivonne Otero said Thursday.
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SBA loan application deadline less than a month away
August 18, 2011
Local private nonprofit organizations that sustained damages as a result of the severe storms, flooding, mudslides and landslides that occurred during the two-week period from May 20 to June 8, 2011 have less than a month to submit their disaster loan applications to the U.S. Small Business Administration, the agency announced Wednesday.
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Oriental’s commercial loan production jumps 126% year-over-year in 2Q
August 3, 2011
Oriental Bank and Trust’s new and expanded commercial banking structure is starting to show the results of the growth that came with last year’s acquisition of the defunct Eurobank, with commercial loan production reaching $46 million during the second quarter, an increase of about 126 percent year-over-year, bank officials said Tuesday.
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SBA-backed loans up 29% through June, spurring $95M in local financing
August 1, 2011
In what may constitute as yet another sign of economic improvement, the U.S. Small Business Administration confirmed it has approved nearly $65 million in loan guarantees during the first nine months of fiscal 2011, reflecting a 29 percent increase in year-over-year activity in Puerto Rico and the U.S. Virgin Islands.
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EDB grants $36.5M in small business loans
June 22, 2011
Sixty-seven small businesses in the areas of services, agriculture, manufacturing and technology received a combined $36.5 million in loans from the Economic Development Bank Tuesday, through which they will create some 5,700 jobs, agency President Ivonne Otero announced.
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Popular Inc. desists from selling $500M loan portfolio
May 19, 2011
Four months after announcing its intention of selling some $500 million in non-performing construction and commercial real estate loans to a newly created joint venture with an unrelated third party, Popular Inc. said Thursday it has walked away from the deal.
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SIF obtains $242M loan from Banco Santander Puerto Rico
May 16, 2011
The State Insurance Fund recently signed off on a $242 million loan from Banco Santander Puerto Rico to refinance a prior loan that was in default and for ongoing improvements planned at the government agency.
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EDB looks to boost loan portfolio, expand benefits to small-, mid-sized entrepreneurs
February 20, 2011
The Economic Development Bank announced Sunday it is looking to boost its loan portfolio for Puerto Rico’s small- and mid-sized businesses by nearly 10 percent, to $275 million, in fiscal ’12, as a result of efficiencies achieved at the agency over the past 23 months.
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Popular to sell $500M in bad construction loans, reclassifies U.S. mortgage portfolio
January 31, 2011
Popular Inc. continues taking steps toward improving its balance sheet with an announcement Monday that it has signed a non-binding letter of intent to sell approximately $500 million of construction and commercial real estate loans. Some 75 percent of the loans, which will be sold at book value, are non-performing.
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