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.
The Public Corporation for the Supervision of Puerto Rico Cooperatives, or COSSEC as the entity is known in Spanish, said Tuesday that the island’s credit unions approved some $1.3 billion in mortgage and mortgage-related loans during the first quarter of 2015, for a combined portfolio of 18,385 financing agreements.
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