SBA’s Puerto Rico resource partners get $19K
April 12, 2013
Small businesses rebuilding in the aftermath of Hurricane Sandy will get both immediate and long-term help laying a foundation for economic recovery and resiliency thanks to expanded services funded by a $19 million emergency appropriation.
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FirstBank to sell $532M in non-performing loans
April 1, 2013
FirstBank Puerto Rico has entered into three separate agreements to sell a total of $532 million bad commercial loans with a book value of $315 million, for $201 million, or 38 percent of the unpaid principal balance.
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Banco Popular closes sale of $540M in NPLs, other real estate
March 26, 2013
Banco Popular de Puerto Rico announced Monday it completed the previously announced sale of a portfolio of non-performing commercial and construction loans, and commercial and single-family real estate owned, with a combined unpaid principal balance on loans and appraised value of other real estate owned of approximately $995 million and book value of approximately $540 million to an entity majority owned by a joint venture between Caribbean Property Group LLC and certain affiliates of Perella Weinberg Partners’ Asset Based Value Strategy.
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Popular Mortgage closes $1.5B in mortgages, refi’s in ’12
March 8, 2013
Popular Mortgage closed 10,000 new mortgages and refinancing loans in Puerto Rico last year, representing about $1.5 billion for the bank that as a result locked down a market share of about 30 percent for 2012, financial institution officials said Thursday.
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Moneyhouse opens branches in Guaynabo, Orlando
February 13, 2013
Moneyhouse, Puerto Rico’s largest private equity lender and frontrunner in reverse mortgage closings, is marking its sixth anniversary with the recent opening of a new branch in Guaynabo, pushing the number of offices to eight in Puerto Rico.
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Doral seeks to branch out insurance business
February 7, 2013
Doral Bank is looking to expand its participation in Puerto Rico’s insurance market by adding new coverage options via its Doral Insurance division, said Jesús Méndez, recently appointed executive vice president of operations.
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SBA opens disaster loan outreach center in Vega Baja
January 15, 2013
The U.S. Small Business Administration announced the opening of a Disaster Loan Outreach Center in Vega Baja, today at 9 a.m. This Center will provide one-on-one assistance to homeowners, renters and business owners seeking disaster assistance for losses caused by the heavy rains and flooding on Nov. 12–13, 2012, agency officials said.
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Fitch: Puerto Rican banks to face ‘continuing’ challenges
January 10, 2013
Fitch Ratings expects Puerto Rican banks to face continuing operating challenges in 2013, despite recent efforts by those institutions to build capital and de-risk their balance sheets, the agency said in a statement issued Wednesday.
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Puerto Rico flood victims eligible for SBA loans
January 10, 2013
Residents and businesses in Puerto Rico affected by heavy rains and flooding on Nov. 12- 13, can apply for low-interest disaster loans from the U.S. Small Business Administration, agency Administrator Karen G. Mills announced Wednesday.
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SBA OKs $880K in int’l trade loans in Puerto Rico, USVI
October 23, 2012
The U.S. Small Business Administration approved nine International Trade Loans in favor of exporters in Puerto Rico and the U.S. Virgin Islands in Fiscal 2012, totaling $880,000, the agency said Monday.
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SBA supports record $30.2B in loans in Fiscal ’12
October 10, 2012
With loan volume steadily increasing for the past six quarters, the U.S. Small Business Administration’s loan programs posted the second largest dollar volume ever in Fiscal 2012, supporting $30.25 billion in loans to small businesses, the agency informed Tuesday.
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EDB included in private banking loan guarantee program
September 26, 2012
The Economic Development Bank was included Tuesday in the Puerto Rico Development Fund Guarantee Program through an agreement signed with the Government Development Bank, government officials announced.
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Entrepreneurial women may borrow up to $15K from EDB
September 13, 2012
Gov. Luis Fortuño announced Wednesday the availability of a new financing tool that lets Puerto Rico's women entrepreneurs borrow of up to $15,000 to expand their businesses, as well as a scholarship fund to help them get ahead, professionally speaking.
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EDB: $33M in farming loans approved since Jan. ’09
August 3, 2012
The Puerto Rico Economic Development Bank has approved $33 million in loans to island farmers since the current administration took over in 1999, agency President Ivonne Otero said Thursday.
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Op-Ed: Are you prepared to stay in business?
July 23, 2012
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.
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