Banesco USA to Expand Local Presence
Federal Grant to Shore Up Commercial Lending; New Branches to Open
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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