FIRSTBANK PUERTO RI
PPP Lender · 14,505 loans · $746.9M total · 20 states served
FIRSTBANK 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 14,505 PPP loans totaling $746.9M, representing approximately 0.13% of all loans nationwide.
FIRSTBANK PUERTO RI served borrowers across 20 states. The largest concentration of activity was in Puerto Rico, where the lender originated 12,127 loans totaling $513.3M. Other states with significant activity included Florida, U.S. Virgin Islands, West Virginia.
The average loan size for this lender was $51,495. 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 FIRSTBANK PUERTO RI were: GENESIS SECURITY SERVICES, INC. (PR) — $10,000,000; UNIVERSAL INSURANCE COMPANY (PR) — $8,563,765; SAINT LUKE'S MEMORIAL HOSPITAL (PR) — $7,560,909; and DBR HOTEL OWNER LLC (FL) — $5,568,629.
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 | 12,127 | $513.3M | 98.8% |
| Florida | 1,452 | $162.7M | 99.0% |
| U.S. Virgin Islands | 892 | $49.4M | 98.3% |
| West Virginia | 4 | $887,127 | 100.0% |
| California | 4 | $8.7M | 100.0% |
| New York | 3 | $525,458 | 100.0% |
| Maryland | 3 | $476,524 | 100.0% |
| Wisconsin | 2 | $3.6M | 100.0% |
| Tennessee | 2 | $444,242 | 100.0% |
| Pennsylvania | 2 | $5.4M | 100.0% |
| North Carolina | 2 | $163,198 | 100.0% |
| Kentucky | 2 | $191,597 | 100.0% |
| Alabama | 2 | $231,606 | 100.0% |
| Alaska | 2 | $391,267 | 100.0% |
| Virginia | 1 | $100,222 | 100.0% |
| Texas | 1 | $20,832 | 100.0% |
| South Carolina | 1 | $101,850 | 100.0% |
| Ohio | 1 | $18,760 | 100.0% |
| New Jersey | 1 | $115,055 | 100.0% |
| Michigan | 1 | $45,053 | 100.0% |