Friday, August 12, 2022

Banesco USA to Expand Local Presence

By on July 21, 2022

Federal Grant to Shore Up Commercial Lending; New Branches to Open

Maritza Abadía, Banesco USA executive vice president and Puerto Rico Country Manager, and Calixto García-Vélez, president & CEO of Banesco USA

Buoyed by a $250 million infusion from the U.S. Treasury and bullish over Puerto Rico’s economic prospects, Miami based Banesco USA plans to expand services to its commercial clients on the island by opening two additional branches and increase its loan offerings.

The bank was awarded a $250 million grant in December by the U.S. Treasury Department’s Emergency Capital Investment Program (ECIP), but the money was finally disbursed on June 22. ECIP was created by the 2021 Consolidated Appropriations Act to foster low- and moderate-income community financial institutions’ efforts to support small businesses and consumers.

Through ECIP, the U.S. Treasury Department awarded more than $8.7 billion in grants to “mission-motivated community financial institutions to help those communities” that have been “disproportionately impacted” by “the economic effects of the COVID pandemic, inflation and a lack of support,” reads a statement issued by the bank.

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