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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
USDA Rural Development Deputy Under Secretary Bette Brand announced that the agency is expanding servicing options for guaranteed lenders due to the COVID-19 pandemic. USDA is expanding upon the deferral flexibilities it announced Mar. 31, 2020, indicating that guaranteed lenders may also approve and make covered loans under the provisions of Section 1102 of the […]
Puerto Rico Farm Credit confirmed it will be offering local farmers affected by the COVID-19 emergency options to get financial assistance available through the U.S. Small Business Administration’s Paycheck Protection Program. The SBA has selected a number of financial institutions in Puerto Rico to help the different sectors. The program offers employers a loan to […]
The Caguas municipal government announced the availability of funds for emergency loans to the town’s small businesses, said Central Eastern Development Bank Executive Director Adrián Muñiz-Mariani. The entity known as BADECO for its initials in Spanish will be responsible for granting commercial emergency loans to city business owners, as part of a series of municipal […]
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