Imagine stepping into your store, or restaurant, or the office where you run your business, a day or two after the floodwaters have receded. Unfortunately for thousands of business owners across the country, this scenario is more than just imagined.
The Economic Development Bank for Puerto Rico closed Fiscal ’12 with a record-setting $208 million portfolio of loans granted to the island’s small and mid-sized businesses, the highest figure on record since its establishment in 1985, agency officials said Thursday.
Puerto Rico’s banking sector is not generating enough deposit activity to fund loan demand, which makes it very competitive and leads to higher deposit costs when compared to the mainland U.S.