Oriental grants $3.5M to Puerto Rico winemaker
Oriental Bank’s business banking unit recently granted a $3.5 million loan to Bearco LLC (Bodegas Españolas Argentinas Corp.), one of the companies owned by CC1 Puerto Rico.
The company will use the financing to acquire and open a new plant in the municipality of Cidra to manufacture local wines, such as Capriccio and Hacienda Los Andes. The company will also offer packaging services to Fruteccia and Gallo brands. The company is aiming at tripling its sales this year.
“It is our responsibility to respond promptly and act as facilitators so that local companies can be successful in doing business”, said Elena Manrara, senior vice president and business banking director at Oriental.
Currently, Oriental Bank’s business loan portfolio totals $1.9 billion.