BANCO POPULAR DE PUERTO RI
PPP Lender · 47,392 loans · $1.77B total · 10 states served
BANCO POPULAR DE PUERTO RI was one of the thousands of SBA-approved lenders that participated in the Paycheck Protection Program. During the program period (April 2020 – May 2021), the lender originated 47,392 PPP loans totaling $1.77B, representing approximately 0.41% of all loans nationwide.
BANCO POPULAR DE PUERTO RI served borrowers across 10 states. The largest concentration of activity was in Puerto Rico, where the lender originated 46,350 loans totaling $1.72B. Other states with significant activity included U.S. Virgin Islands, Florida, Texas.
The average loan size for this lender was $37,408. This figure reflects the mix of borrower types — large companies, small businesses, sole proprietors, and non-profits — that applied through this institution. Lenders were responsible for collecting and verifying borrower certifications and submitting loan applications to the SBA's E-Tran system.
Among the largest named borrowers that received loans through BANCO POPULAR DE PUERTO RI were: SOUTH AMERICAN RESTAURANTS CORP. (PR) — $10,000,000; CENTRO MEDICO DEL TURABO INC. (PR) — $10,000,000; CARIBBEAN RESTAURANTS LLC (PR) — $10,000,000; and ENCANTO RESTAURANTS INC (PR) — $9,727,100.
PPP lenders were compensated through processing fees paid by the SBA rather than by borrowers. Fees ranged from 1% to 5% of the loan amount depending on loan size. Lenders were not required to take credit risk — the SBA provided a 100% guaranty on each loan. This structure incentivized broad participation but also contributed to documented cases of lender fraud and over-processing of applications.
Borrower names for loans under $150,000 are withheld under FOIA Exemption 6. As a result, the named recipients shown below represent only a fraction of this lender's total portfolio. The full loan count and amount figures include all loans in the SBA's data regardless of disclosure status.
Activity by State
| State | Loans | Total Approved | Forgiveness Rate |
|---|---|---|---|
| Puerto Rico | 46,350 | $1.72B | 98.1% |
| U.S. Virgin Islands | 1,015 | $43.8M | 95.8% |
| Florida | 17 | $1.5M | 100.0% |
| Texas | 2 | $20,900 | 100.0% |
| Tennessee | 2 | $28,000 | 100.0% |
| South Carolina | 2 | $1.4M | 100.0% |
| Wisconsin | 1 | $5.5M | 100.0% |
| Virginia | 1 | $10,100 | 100.0% |
| New York | 1 | $1.6M | 100.0% |
| Nebraska | 1 | $20,800 | 100.0% |