BANESCO USA
PPP Lender · 965 loans · $116.3M total · 11 states served
BANESCO USA 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 965 PPP loans totaling $116.3M, representing approximately 0.01% of all loans nationwide.
BANESCO USA served borrowers across 11 states. The largest concentration of activity was in Florida, where the lender originated 792 loans totaling $78.4M. Other states with significant activity included Puerto Rico, Texas, California.
The average loan size for this lender was $120,491. 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 BANESCO USA were: JUNIPER LANDSCAPING OF FLORIDA, LLC (FL) — $7,636,900; MENDEZ & CO., INC. (PR) — $4,640,407; GRACEKENNEDY FOODS (USA) LLC (FL) — $2,062,560; and SPANISH BROADCASTING SYSTEM INC. (FL) — $2,000,000.
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 |
|---|---|---|---|
| Florida | 792 | $78.4M | 96.6% |
| Puerto Rico | 149 | $35.2M | 100.0% |
| Texas | 5 | $1.2M | 100.0% |
| California | 5 | $363,872 | 60.0% |
| North Carolina | 4 | $481,067 | 100.0% |
| New York | 3 | $125,821 | 100.0% |
| Connecticut | 2 | $200,722 | 100.0% |
| Arizona | 2 | $118,080 | 100.0% |
| South Carolina | 1 | $56,004 | 100.0% |
| Pennsylvania | 1 | $10,065 | 100.0% |
| Georgia | 1 | $72,275 | 100.0% |