Reservists eligible to apply for SBA working capital loans
January 28, 2014
Small businesses that suffered economic losses when the owner or a key employee was called up to active duty are eligible to apply for a low interest loan of up to $2 million from the U.S. Small Business Administration, the agency announced Monday.
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OCIF ends probe of UBS Bank USA’s Puerto Rico dealings
December 23, 2013
The Office of the Financial Institutions Commissioner announced it has entered into an agreement with Utah-based UBS Bank USA through which the latter will transfer a securities-backed loan portfolio worth $562 million to UBS Financial Services Inc. of Puerto Rico.
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SBA lending in Puerto Rico, USVI up 8% in FY 2013
November 7, 2013
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.
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SBA: Fiscal ’13 is 3rd highest year of lending to date
October 30, 2013
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.
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Puerto Rico home sales at risk due to new federal rules
October 23, 2013
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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Microfinanzas Puerto Rico gets federal certification
October 17, 2013
Microfinanzas Puerto Rico President Annette Montoto said Wednesday that the microfinancing firm has been reorganizing its structure as of late — striking new strategic partnerships and reinforcing its services —to more effective cater to its entrepreneurs client base.
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New government taxes scaring off entrepreneurs
October 10, 2013
Uncertainty over the impact of new taxes on businesses may be putting a break on entrepreneurship with Puerto Rico's largest bank reporting a slowdown in its small business loan activity.
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Consumer Credit, COFECC partner to help local small biz
September 18, 2013
Aware that an individual’s financial health is key to the development of their micro, small and medium business ventures, Consumer Credit Counseling Services and the Corporation for Business and Community Financing, known as COFECC, announced Tuesday the terms of a partnership to help participants strengthen their knowledge and personal finance management.
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20 women-owned businesses to split $700K from Doral
August 29, 2013
Doral Bank announced Wednesday the 20 winners of this year’s edition of its “Despegue Empresarial” initiative — a component of its Mujeres d Éxito community program — through which it will assign a total of $700,000 to support the professional and economic growth of women in Puerto Rico.
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USDA announces $40M in funding for farmer housing
August 22, 2013
The U.S. Department of Agriculture announced this week the availability of nearly $40 million to provide housing for farm workers and their families.
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USDA opens rural micro-entrepreneur loan program
August 20, 2013
U.S. Agriculture Secretary Tom Vilsack announced Monday the availability of loan and grant funds to support rural micro entrepreneurs and microenterprises, with funding reaching as much as $500,000.
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SBA lending in Puerto Rico, USVI up in 3Q13
July 24, 2013
The U.S. Small Business Administration approved 476 loans in Puerto Rico and the Virgin Islands during the first nine months of fiscal year 2013, an 18 percent increase over loans approved during the same period in 2012.
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Banco Popular Puerto Rico sells $438M in bad residential loans
July 2, 2013
Banco Popular de Puerto Rico officials announced Monday the completion of the previously announced sale of a portfolio of non-performing residential mortgage loans with a book value and unpaid principal balance of approximately $438 million and $511 million, respectively. The all-cash transaction will reduce Popular’s non-performing residential mortgage loans by approximately 73 percent and total […]
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SBA, top lenders to help veterans become entrepreneurs
May 22, 2013
The U.S. Small Business Administration announced Tuesday the SBA Veteran Pledge Initiative, a commitment by its top national, regional and community lenders to collectively increase their lending activity to veterans by 5 percent per year for the next five years.
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Scotiabank, Habitat for Humanity partner on mortgages
April 17, 2013
Scotia Mortgage recently closed three loans in partnership with Habitat for Humanity to help the nonprofit organization’s goal of providing low-income residents with new homes.
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