(Guaranteed over $ 140 million in SBA 7a business loans)
Committed to helping small and medium businesses and companies on our Island, we confirm that through the SBA(7a) Payroll Protection Program they granted more than $140 million and most of the loans have been disbursed. With these loans, we supported around 900 businesses and companies, impacting over 25,000 employees of those businesses.
“For Oriental, this sector is of great importance, since we know the role it plays in the economy of Puerto Rico; for this reason, we assigned more personnel and simplified our processes to give the client a faster and easier response. In record time of just three days, we began to disburse the first loans, and today most of the clients already have the money deposited in their accounts; for the SME sector, close to 90% has been disbursed. The remaining loans must be disbursed by Tuesday, putting the money on our clients’ side, where it must be. We saw the importance of the PPP on businesses, on the general community, and the economy of the Island, and we moved to support them. From the first day of this crisis, we have been hand in hand with all our clients and with this Relief Plan for Businesses, we have made available the help they need at this time. As their partners, we will continue to work for their well-being and to offer them solutions that fits their business, because we are together in this and we are more than ready to help our customers,” said Ganesh Kumar, Chief Operating Officer of Oriental.
The breakdown of the loans granted is as follows:
- Of the $140 million, 80% of loans were granted to small companies. The average loan for them was $50,000.
- We managed to guarantee 85% of all applications received.
If the owner of a business or company has not yet requested help and needs to request it, you can access orientalbank.com/reliefcomercial. Other alternatives that can help you with your business are detailed here. Also, if new funds are approved for this program, we would give priority to customers who have already applied in the first round.
“Our clients have told us that they have felt the speed in which we have worked through this emergency. Making things easy, fast and well done have always been our mission. We are pleased to be able to support our customers, our communities and the over 25,000 individuals who will be able to receive their payroll. Moreover, we invite all the businesses to become Oriental’s client and experience the difference. We want to thank the group of employees who worked regardless of schedules or personal situations to support our clients and help them get through these difficult times for their business”, concluded Kumar.