CORAL GABLES, Florida., June 22, 2022 /PRNewswire/ — banesco UNITED STATES announces its closure on $250 million u.s. department of treasury investment Emergency Capital Investment Program (ECIP). banesco UNITED STATES is the only beneficiary bank of ECIP located in Florida Where Porto Rico and the amount of investment received is greater than the $237.5 million it was originally approved under ECIP. The capital will enable Banesco UNITED STATES to increase lending and provide financial impact to the local target communities it serves South Florida and Porto Ricoespecially minority borrowers, minority-owned businesses, small businesses, and borrowers located in underserved or minority communities.
The economic effects of the Covid pandemic, inflation and lack of support have left communities struggling, especially those disproportionately affected, and the investment of more than $8.7 billion by the United States Department of the Treasury through ECIP enables mission-driven community financial institutions to help these communities. As a minority-run MDI (Minority Depository Institution), Banesco UNITED STATES will use the capital to further support minority borrowers, small businesses and projects that provide significant community economic benefits in the majority minority communities it serves.
“Having access to even more ECIP capital than expected means that Banesco UNITED STATES is able to expand our lending capabilities to our South Florida and Porto Rico communities,” said Calixto (Cali) Garcia-VelezPresident and CEO of Banesco UNITED STATES. “ECIP funding allows us to leave a lasting impact that will be seen for years to come.”
“The investment allows Banesco UNITED STATES to support local businesses that have always been essential to the success of the communities we serve. This is an opportunity to invest even more in the relationships and customers we have established,” said Kenneth SchoeniChief Financial & Risk Officer of Banesco UNITED STATES.
If you want more information about Banesco UNITED STATES or its participation in the ECIP program, please visit www.BanescoUSA.com or www.BanescoUSA.com/ECIP.
About Banesco USA
Founded in 2006 and based in Coral Gables, Banesco USA is an independent company Florida state chartered bank (https://banescousa.com/OFR-Cert-of-Good- Standing.pdf) with $2.4 billion of assets as of March 31, 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 more information.
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