Coral Gables, FL (Wednesday, June 22, 2022)
Banesco USA announces it has closed on $250 million investment from the U.S. Department of the Treasury’s Emergency Capital Investment Program (ECIP). Banesco USA is the only bank recipient of ECIP located in Florida or Puerto Rico and the investment amount received is greater than the $237.5 million it was initially approved for under ECIP. The capital will enable Banesco USA to increase lending and provide financial impact to the local target communities it serves in South Florida and Puerto Rico, particularly minority borrowers, minority-owned businesses, small businesses, and borrowers located in underserved or minority communities.
The economic effects of the Covid pandemic, inflation and a lack of support have left communities struggling, especially those disproportionately impacted, and the investment of more than $8.7 billion by the U.S. Department of Treasury through ECIP enables mission-motivated community financial institutions to help those communities. As a minority-led MDI (Minority Depository Institution), Banesco USA will use the capital to further support minority borrowers, small businesses and projects which deliver significant community economic benefits in the predominantly minority communities it serves.
“Having access to even more ECIP capital than expected means Banesco USA is able to further expand our lending capabilities to our South Florida and Puerto Rico communities,” said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA. “The ECIP funding enables us to leave a lasting impact that will be seen for years to come.”
“The investment enables Banesco USA to support locally-owned businesses which have always been crucial to success in the communities we serve. It’s an opportunity to invest even more in the relationships and customers we’ve established,” said Kenneth Schoeni, Chief Financial & Risk Officer of Banesco USA.
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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 $2.4 billion in 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 additional information.
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