Sun West Mortgage launches conventional non-conforming loan program
April 20, 2021
Sun West Mortgage Company has introduced its conventional non-conforming loan program, becoming the only US based mortgage bank to offer it in Puerto Rico, and the first one to launch this product in more than 15 years, it confirmed. The mortgage company, which marking its 10th anniversary of operations on the island, provides technology solutions […]
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SBA to Increase lending limit for COVID-19 Economic Injury Disaster Loans
March 25, 2021
The U.S. Small Business Administration is increasing the maximum amount small businesses and nonprofit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program, it announced. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from six months of economic injury with a […]
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Biden administration implements changes in the Paycheck Protection Program
February 23, 2021
The U.S. Small Business Administration is making a number of temporary and permanent changes to the Paycheck Protection Program (PPP) to increase funding received by smaller businesses, including a 14-day period during which only businesses and nonprofits with fewer than 20 employees will be able to submit applications. The program’s exclusive period for smaller businesses […]
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SBA approves $171M in 2nd round of PPP loans in Puerto Rico so far
February 10, 2021
The number of loans that the U.S. Small Business Administration has approved so far through its second round of Paycheck Protection Program funding doubled in Puerto Rico to 4,740 during the week of Feb. 1-8, from the 2,595 OK’d the prior week. In its weekly update, SBA officials also confirmed that those applications approved so […]
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Cidre urges Puerto Rico businesses to opt into 2nd round of SBA funding
February 3, 2021
Department of Economic Development and Commerce Secretary Manuel Cidre urged Puerto Rican businesses and self-employed individuals to participate in the second round of the U.S. Small Business Administration’s Paycheck Protection Program, which so far has approved $88.4 million in loans. In a report issued late Monday, the federal agency confirmed it has given its support […]
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CooPACA begins receiving applications for PPP second round
February 2, 2021
The Arecibo Savings and Credit Cooperative (known as CooPACA in Spanish) has started to receive loan applications for the reopened Payroll Protection Program (PPP) that is administered by the U.S. Small Business Administration. The credit union is also processing applications for forgiveness of first round of PPP loans, it confirmed. CooPACA has already processed 250 […]
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Popular Inc. opens 2nd round of PPP loan applications
January 22, 2021
Popular Inc. announced it is now receiving Paycheck Protection Program applications from commercial customers and nonprofit organization, following an additional $284 billion in program funding from the U.S. Congress. Applications will be serviced throughout Popular’s three geographic regions, including Puerto Rico, the US Virgin Islands and the mainland United States, the bank said. “Since the […]
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FIDECOOP joins Causa Local in spreading access to capital
December 18, 2020
Causa Local and the Cooperative Development and Investment Fund (FIDECOOP, in Spanish) announced an alliance in which FIDECOOP will recommend and endorse businesses they identify as eligible to apply for micro-loans of up to $15,000 at 0% interest from the kiva.org crowd-lending platform. FIDECOOP, a financing fund for businesses organized under the cooperative model, joins […]
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SBA’s Economic Injury Disaster Loan window closes Dec. 31
December 17, 2020
Small businesses and nonprofits adversely affected by the COVID-19 pandemic are encouraged to consider applying for the U.S. Small Business Administration’s COVID-19 Economic Injury Disaster Loan (EIDL) during the month of December. Applications must be submitted via SBA’s online application link no later than Dec. 31, 2020 to be considered, the agency said. A total […]
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USDA opens call to establish revolving loan programs
December 17, 2020
The U.S. Department of Agriculture announced it is seeking applications for funding to establish revolving loan programs to support rural businesses and community development projects. Subject to the availability of funds, the loans will be established through USDA’s Intermediary Relending Program. Eligible recipients include nonprofits, cooperatives and public agencies. “The Intermediary Relending Program provides loans […]
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SBA urges Puerto Rico businesses, residents to apply for disaster loans by Nov. 9
October 23, 2020
The U.S. Small Business Administration is encouraging Puerto Rico businesses and residents affected by Tropical Storm Isaias in July 2020 to submit their loan application for physical damages by Nov. 9, even if they have not settled with their insurance company. “Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance, […]
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Oriental opens website for PPP loan forgiveness application process
October 21, 2020
Puerto Rican financial institution Oriental announced this week it will open a website for clients who received a loan through the U.S. Small Business Administration’s Payroll Protection Program to request forgiveness of all or part of their loan. The client must comply with the guidelines from the U.S. Department of the Treasury and the SBA. “As with […]
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PRASA gets approval for up to $163M in capital improvement loans
August 31, 2020
The Puerto Rico Aqueduct and Sewer Authority announced it has received approval to receive up to $163 million for 28 capital improvement projects through a loan agreement with the Department of Natural and Environmental Resources and the Infrastructure Financing Authority’s State Revolving Fund (SRF). The projects include improvements for sanitary infrastructure in the municipalities of […]
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USDA to provide $1B in loan guarantees for rural businesses, ag producers
May 22, 2020
U.S. Secretary of Agriculture Sonny Perdue today announced that the agency is making available up to $1 billion in loan guarantees to help rural businesses meet their working capital needs during the coronavirus pandemic. Additionally, agricultural producers that are not eligible for USDA Farm Service Agency loans may receive funding under USDA Business & Industry […]
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SBA confirms Puerto Rico lenders approved 2,856 loans totaling $659M
April 17, 2020
The U.S. Small Business Administration released a report today confirming that Puerto Rico’s banking partners approved a combined 2,856 loans for a total of $658.5 million under the Paycheck Protection Program (PPP) as of April 16. In total, the loan count for eligible businesses across the U.S. mainland and its territories totaled 1.7 million, representing […]
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