Banesco USA Deploys Emergency Capital Investment Program Funds for Businesses and Borrowers in Puerto Rico and South Florida

CORAL GABLES, Florida., October 3, 2022 /PRNewswire/ — banesco UNITED STATES now deploys its $250 million investment fund of Emergency Capital Investment Program (ECIP), in particular to minority borrowers, minority-owned businesses, small businesses and borrowers located in underserved or minority communities in South Florida and Porto Rico. As a minority-run MDI (Minority Depository Institution), the capital enables the bank to increase lending and financially impact local target communities that need it most.

“The ECIP capital we received from the US Treasury allows Banesco UNITED STATES continue to support local businesses that allow our communities to thrive, especially during difficult times like the recent effects of Hurricane Fiona in Porto Rico and Hurricane Ian in Florida,” said Calixto (Cali) Garcia-VelezPresident and CEO of Banesco UNITED STATES.

The US Department of Treasury recently announced the closure of the historic $8.7 billion ECIP. Each recipient institution and the amount it received was published on the Treasury website, which included Banesco UNITED STATES as one of three financial institutions and the only bank Florida receive capital. banesco UNITED STATES closed on the largest amount of funds for the state, as identified in Florida’s fact sheet. Examples of recent Banesco UNITED STATES operations include:

  • Closed one $30 million loan to finance the construction of a new veterans recovery center in San Juan, Puerto Rico. The center is expected to serve approximately 700 veterans per year, about five times the number currently served. During the construction phase, the project will generate more than 250 direct jobs and 500 indirect jobs. Once operational, the facility will create 95 permanent positions within the system, including doctors, nurses, social workers, therapists, pharmacists, dietitians, food service, security and administrative staff.
  • approved one $399,546 loan as part of a loan consortium with Neighborhood Lending Partners (NLP) of Florida for the permanent financing of 80 affordable housing units for seniors to be built Sanford, Seminole County, Florida. The project will arrange for third-party providers to provide computer training, adult literacy and life skills training free of charge to their tenants. Additionally, we approved a $476,730 loan also as part of a loan consortium with NLP of Florida for the permanent funding of a 108-unit affordable family demographic apartment building project in Brandon, Florida.
  • Closed one $450,000 commercial real estate mortgage to finance an eight-unit affordable multi-family apartment building in Homestead, Florida.
  • Closed one $260,000 owner-occupied commercial real estate mortgage to a fitness center owned by Hispanic Americans in Doral, FL.
  • Closed one $100,000 short-term working capital line of credit to a Hispanic-American company in Hialeah, FL.

“These critical funds provide an opportunity for underserved communities across the country, helping them get back on their feet after the pandemic and building their resilience to future shocks,” said Treasury Secretary Janet L. Yellen. “These critical investments represent an important step toward expanding access to capital and services to rebuild and fuel long-term economic growth.”

If you want more information about Banesco UNITED STATES or its participation in the ECIP program, please visit www.BanescoUSA.com or www.BanescoUSA.com/ECIP. Those interested in applying, call our main number at 1-888-228-1597.

About Banesco USA
Founded in 2006 and based in Coral Gables, Banesco USA is an independent company Florida state chartered bank (https://banescousa.com/OFR-Cert-of-Good-Standing.pdf) with $2.56 billion of assets as of June 30, 2022. The bank has four branches in South Florida: Coral Gables, Hialeah, Aventura, and Brickell; and one in San Juan, Puerto Rico. A location in the Doral area is coming soon. Visit BanescoUSA.com for more information.

Media Contacts
Jessica Wade Pfeffer | 305-804-8424 | [email protected]
Tyler Sminkey | 786-390-8510 | [email protected]

View original content: https://www.prnewswire.com/news-releases/banesco-usa-deploys-emergency-capital-investment-program-funds-to-businesses-and-borrowers-in-puerto-rico-and – south-florida-301637949.html

SOURCE Banesco UNITED STATES

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