– August 14, 2006 –
Banco Popular North America (BPNA), one of the nation’s premier community banks and a leading small business lender, today announced SBA loan volume grew 93% for the first six months of 2006 relative to the same period a year ago. BPNA originated 390 loans amounting to $172,212,000 million through Popular Small Business Capital and Banco Popular’s branch efforts. For the same six-month period in 2005, Banco Popular made 229 loans totaling $89,486,000 million. As of May 31, 2006, Banco Popular moved up from the 10th position to a 5th position ranking among U.S. SBA Lenders.
“Our small business effort through PSBC, in conjunction with strong branch support, has allowed us to achieve great strides in servicing the small business community and moves us closer to becoming a top three SBA lender,” said Roberto R. Herencia, President, Banco Popular North America. “As a community bank, our mission is to support small business and the contributions this community makes on a national and local level. We took steps in the beginning of 2006 to strengthen our strategy and service offerings and I am very proud to see the positive results of our efforts”
According to Popular Small Business Capital, small businesses have taken steps to tap into financing in order to keep up with strategic growth, plan for uncertain times, focus on labor issues and address operational concerns such as regulatory mandates.
Christopher Kwiatkowski, Senior Vice President and Manager, Popular Small Business Capital Division, added, “Our customer relationship managers make it a point to stay in the trenches in order to truly understand the needs of the small business owner and help them achieve their goals.”
Popular Small Business Capital was launched in February of 2006 in order to enhance small business lending through the SBA’s various loan programs with 45 dedicated business development officers (BDOs), in 61 districts and 30 states nationwide. As of June 30, 2006, PSBC has 50 BDOs and is active in all SBA districts nationwide.
Popular Small Business Capital supports small business efforts by offering an array of financial solutions ranging from $150,000 - $5,000,000. For more information about Popular Small Business Capital, please contact 1-800-250-6968 or visit www.popularsmallbiz.com
About Popular Small Business Capital
Popular Small Business Capital (PSBC) utilizes a custom-tailored approach for each and every small business client, offering SBA 7(a) loans, SBA 504 loans, SBA Express loans, business acquisition financing, refinance solutions, commercial real estate financing, franchise and equipment financing. PSBC is an SBA Preferred Lender. For more information about PSBC, visit www.popularsmallbiz.com
About Banco Popular:
Banco Popular North America, headquartered in Chicago, Illinois, is one of the leading community banks in the U.S. with 141 branches in the states of California, Florida, Illinois, New Jersey, New York and Texas. Its core businesses include retail and commercial banking services, mortgage and consumer lending, and investment services. Banco Popular was named one of the “100 Best Companies to Work For” in 2005 by FORTUNE Magazine and ranks among the top 10 Small Business Administration lenders in the country. Banco Popular North America is a subsidiary of Popular, Inc. (NASDAQ: BPOP). For more information about Banco Popular North America, visit the company’s Web site at www.bancopopular.com.
Web site at www.bancopopular.com.
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Contact:
Juan Carlos Cruz/Fran Del Valle
847-994-6442/212-717-5499
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