The U.S. Small Business Administration announced Tuesday that federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations located in Puerto Rico as a result of the drought.
The U.S. Small Business Administration this week published a final rule for the microloan program that provides more flexibility to SBA non-profit intermediaries, expands the pool of microloan recipients, and increases accessibility in SBA programs.
First BanCorp., the bank holding company for FirstBank Puerto Rico, announced Tuesday it has entered into a definitive agreement to sell a portfolio comprised of mostly non-performing and classified commercial loans and real estate owned totaling $199.8 million of unpaid principal balance, or $150.1 million of book value, for $87.6 million in cash or 43.8 percent of the unpaid principal balance of the assets.
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