The program is part of the initiatives created by the United States Treasury to help combat the effect of the pandemic on the economy.

Banesco USA announced yesterday that it received approval from the United States Department of the Treasury as a participant in the Emergency Investment Capital Program (ECIP). With this, the bank is eligible to receive a capital investment of up to $ 237.5 million.

The projection is that the bank can positively accelerate its financial impact on individuals, small businesses, and low and medium-income minority communities in Puerto Rico and Florida.

This program supports communities that have been disproportionately affected by COVID-19.

The total investment of the federal Treasury in the ECIP program is more than $ 8.7 billion for financial institutions established in the United States, with Banesco USA being the only bank located in South Florida or Puerto Rico eligible under the program.

The ECIP program established by the Consolidated Appropriations Act of 2021, encourages community financial institutions to expand their efforts to support low-income individuals and minority business owners.

Banesco USA, being a minority deposit institution (better known in English as Minority Deposit Institution or MDI), has a long history of granting loans to owners of small and medium-sized companies, whose activity has economically benefited mostly minority communities in the South. from Florida and Puerto Rico.

The capital invested by ECIP in Banesco USA will allow the bank to increase its lending activity to minority business owners, to develop new loan products, and to increase its ongoing support to companies and organizations that provide benefits to middle and middle-income populations. low income.