The U.S. Small Business Administration supported more than $75 million in loans to Puerto Rico and U.S. Virgin Islands small businesses during fiscal year 2013, an 8 percent increase over fiscal year 2012, the agency announced Wednesday.
The U.S Small Business Administration announced Tuesday that it has reached its third highest year of lending to date, surpassed only by two record years of supporting more than $30 billion in Fiscal 2011 and 2012.
Puerto Rico’s mortgage bankers and housing developers raised a red flag Tuesday to warn about the potentially devastating effects of a recently enacted federal regulation that sets new parameters that could make it difficult for would-be island home buyers to qualify for loans starting next year.
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