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10 secured PPP loans from Puerto Rico co. SBA-backed $ 5-10 million – News is My Business

On August 4, the site will begin accepting applications from borrowers who have a PPP loan with a lender who has opted for the remission system. (Credit: Designer491 | Dreamstime.com)

The US Small Business Administration has revealed that it has guaranteed nearly 2,000 loans worth between $ 150,000 and $ 10 million through its wage protection program in Puerto Rico, for a total of just over $ 1 billion as of June 30.

These loans are in addition to the nearly 36,000 SBA-guaranteed loans of less than $ 150,000, which adds up to an additional $ 741.4 million, as this news outlet reported, when examining data from the SBA.

The list released Wednesday is divided into $ 5 million to $ 10 million, $ 2 to $ 5 million, $ 1 to $ 2 million, $ 350,000 to $ 1 million, and $ 150,000 to $ 350,000. Loan seekers said the money would be used to protect 197,000 jobs combined.

The 10 companies approved for the highest loans include household names – mostly local restaurant chain operators. The list includes: Caribbean Restaurants Inc. (which operates Burger King restaurants in Puerto Rico); Encanto Restaurants Inc. (KFC, Taco Bell, Pizza Hut and iHOP); International Restaurant Services Inc. (Chili’s); South American Restaurants Corp. (Church’s Chicken, Pollo Tropical, Krispy Kreme); and Wendco of Puerto Rico Inc. (Wendy’s).

This list also includes Caribbean Temporary Services, Centro Médico del Turabo Inc., Genesis Security Services Inc., GFR Media and Universal Insurance Co.

Companies in that group alone have said they will save or keep 5,000 jobs on the island with the approved loans, according to SBA data.

The $ 2-5 million tranche includes 75 approved loans to, among others, hotels, car dealerships, food distributors, universities, hospitals, law firms, grocery stores and retailers, know :

  • Abarca Health LLC
  • Airport Shoppes Corp.
  • Antilles Cleaning Services Inc
  • Autogerman inc
  • B. Fernandez & Hnos Inc.
  • Bahia Beach Ch Développement LLC
  • Ballester Hermanos Inc.
  • BDO Puerto Rico PSC
  • Bella International & Esteves 30
  • Bluewater Defense Inc.
  • Cabrera Grupo Automotriz, LLC
  • Capitole Security Police Inc.
  • Caribbean Lumber & Hardware Inc.
  • CCHPR Hospitality, LLC
  • César Castillo SARL
  • Compagnie Cervecera De Puerto Rico Inc
  • Condado Duo La Concha SPV, LLC
  • Condado Duo Vanderbilt SPV, LLC
  • CPM PR LLC
  • CSA Architects and Engineers LLP
  • DDM Professional Rental Services, Inc.
  • Drogueria Betances LLC
  • East American Insurance Agency Inc.
  • EDP ​​University of Puerto Rico Inc.
  • El Mesón de Felipe Inc.
  • Seniors Transportation Services, LLC
  • ESJ Resort, LLC
  • GMD Air Services Inc.
  • Grupo Cooperativo Seguros Multiples
  • Comunitario Buen Samaritano Hospital
  • Menonita Guayama Hospital Inc.
  • Individual Management and Consultant Inc.
  • José Santiago Inc.
  • Laboratorio Clínico Borinquen Inc.
  • Management Temporary and Contractual Employment Services Inc.
  • Mangual Office Cleaning Services Inc.
  • Marpor Company
  • McConnell Valdés LLC
  • Med Centro Inc.
  • Méndez & Cie Inc.
  • Mentor Technical Group Corp.
  • Manufacturing MM, LLC
  • Motorambar Inc.
  • Nave inc.
  • Néolpharma inc.
  • Center Neomed inc.
  • Novus inc.
  • O’neill & Borges, LLC
  • O’neill Security Consulting Services, Inc.
  • Pan Pepín Inc.
  • Pepsi Cola Puerto Rico Distribution LLC
  • Perfect Integrated Solutions Inc.
  • Doctor HMO Inc.
  • Presbyterian Community Hospital Inc.
  • Puma Energy Caribe LLC
  • The restaurateurs inc.
  • Rooms to Go (PR) Inc.
  • Ryder Memorial Hospital Inc.
  • San Jorge Children’s Hospital Inc.
  • SB USVI Acquisition, Inc.
  • Serralles Hotel Inc.
  • Suiza dairy company
  • Supermercados Écono Inc.
  • The Retail Group Inc.
  • Universidad Politecnica de Puerto Rico Inc.

138 other companies have secured loans ranging from $ 1 million to $ 2 million, including many schools, nonprofits, colleges, healthcare facilities, several car dealerships and retailers, among others, according to the list.

The federal agency also revealed that 570 Puerto Rico-based companies have applied for and have been approved for loans of $ 350,000 to $ 1 million, including schools, advertising agencies, hotels, car rentals. , food factories, retailers and publishing houses.

Included in this group are Latin Media House, parent company of Caribbean Business, Magritte Inc., which this week announced the closure of its physical store in Plaza Las Américas after 40 years, and Mercato Centrale, LLC, which operates a restaurant in the center. commercial of San Juan.

The latest group of about 1,200 companies that have applied for and obtained loans of $ 150,000 to $ 350,000 includes dozens of schools and private pharmacies, health care providers and laboratories, retailers and organizations in non-profit.

Several notables in this category include the Puerto Rico Olympic Committee, Aurorita’s Mexican Restaurant, Bettina Cosmetics Corp., the Center for a New Economy, Ehret Inc. Funeral Home, and the Royal Isabela Hotel.

“This is great news for small businesses in America, especially as the Paycheque Protection Program continues to be a success. Over 511,000 small businesses and nonprofits in the Atlantic region have been approved for nearly $ 57.5 billion in federally backed private capital, enabling small business owners businesses and entrepreneurs save hundreds of thousands of jobs, ”said Steve Bulger, SBA Atlantic. and Regional Administrator for the Central Atlantic.

“COVID-19 has impacted the economy of New York, New Jersey, Puerto Rico and the US Virgin Islands, as well as the country. But our job creators have shown resilience and strength in uncertain times, ”Bulger said.

“The PPP really meets the needs of small businesses, especially since 27% of the program’s reach has gone to low and moderate income areas and the average amount of national loans is around $ 100,000,” did he declare.

“The extension of the financial assistance program for small businesses and nonprofits until August 8 is welcome, especially as entrepreneurs and nonprofits face a difficult climb on the market. road to recovery. They now have an additional month to apply for and benefit from the SBA’s forgivable loan program which allows workers to stay on the payroll and receive their paychecks, ”Bulger said.

Banco Popular gets $ 928 million in second round loans

Since April, the SBA has been working with credit institutions in Puerto Rico, namely Banco Popular, Oriental Bank, FirstBank, Banco Santander and several credit unions across the island to transfer aid into the economy.

On Wednesday, Popular announced that as of June 30, it had issued $ 928 million in loans in the second round of the PPP. This amount, along with the $ 496 million closed in the first round of the PPP, total $ 1.4 billion in loans granted under the program.

Popular generated $ 1.1 billion in Puerto Rico, $ 215 million in the continental United States and $ 29 million in the U.S. Virgin Islands, he confirmed.

Popular processed a total of 28,000 loans in its three markets, primarily for small businesses. Of all loans generated, 73% were less than $ 25,000 and 21% were between $ 25,000 and $ 150,000. In addition, 26,000 of these loans went to businesses in Puerto Rico, representing 69% of the total loans approved under this program in Puerto Rico.

The average loan amount was $ 45,000 for Puerto Rico and USVI and $ 152,000 for the mainland United States, the bank added.

Business journalist with 27 years of experience writing weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking, and most other segments of Puerto Rico’s economy.

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