Nov. 1, 2006 — In commemoration of Veterans Month, Banco Popular will exempt veterans that apply for loans under the U.S. Small Business Administrations (SBA) SBAExpress Program from paying the guarantee fee, throughout November.
According to a release from Banco Popular, the fee is equivalent to up to 3 percent of the guarantee offered by the SBA and will be paid in full by Banco Popular.
"Our objective is not only to stimulate the growth of companies led by veterans in the Virgin Islands, but also to play a major part in establishing more local businesses. This is an excellent opportunity for veterans to take advantage of low-interest SBA loans and save on the administrative fees associated with the loan process," said Valentino I. McBean, Banco Popular senior vice president and regional manager.
As part of this offer, Banco Popular will also cover the required administrative charges known as packaging fees. In order to qualify for the offer, all applications must be received before November 30 and must comply with all SBAExpress Program parameters.
The SBAExpress Program offers select banking institutions, like Banco Popular, a 50% guarantee on their loans in exchange for using their own forms and other application materials. This method facilitates and expedites the way in which moneylenders approve commercial loans of up to $350,000. Moneylenders can use their own procedures to approve and manage the loan.
