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

CORAL GABLES, Fla., Oct. 3, 2022 /PRNewswire/ -- Banesco USA is now deploying its recently received $250 million investment funds from Emergency Capital Investment Program (ECIP), particularly to minority borrowers, minority-owned businesses, small businesses, and borrowers located in underserved or minority communities in South Florida and Puerto Rico. As a minority-led MDI (Minority Depository Institution), the capital is allowing the bank to increase lending and provide financial impact to the local target communities most in need.

"The ECIP capital that we received from the U.S. Treasury empowers Banesco USA to continue to support the locally-owned businesses that allow our communities to thrive, especially during difficult times like the recent effects of Hurricane Fiona in Puerto Rico and Hurricane Ian in Florida," said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA.

The U.S. Department of the Treasury recently announced the closings of the historic $8.7 billion ECIP. Every recipient institution and the amount they received was published on the Treasury website, which included Banesco USA as one of three financial institutions and the only bank in Florida to receive capital. Banesco USA closed on the greatest amount of funds for the state, as identified in the Florida Fact Sheet. Examples of recent Banesco USA transactions include:

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

"These essential funds provide opportunity to underserved communities across the country, helping them to regain their footing following the pandemic and strengthening their resilience against future shocks," said Secretary of the Treasury Janet L. Yellen. "These critical investments represent a significant step toward expanding access to the capital and services to rebuild and fuel long-term economic growth."

If you would like additional information about Banesco USA 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 Florida state-chartered bank (https://banescousa.com/OFR-Cert-of-Good- Standing.pdf) with $2.56 billion in 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 additional information.

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

SOURCE Banesco USA

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