Banesco USA closes SBA lending acquisition, enters national market

Core Insights - Banesco USA has officially entered the national small business lending market by acquiring the Small Business Administration (SBA) lending business and approximately $95 million in SBA loan balances from BayFirst Financial Corp [1][2] Group 1: Acquisition Details - The acquisition allows Banesco to diversify its commercial services and expand beyond its existing markets, including acquiring servicing rights for the purchased loans and servicing all SBA loans that BayFirst continues to own [2] - More than 50 professionals joined Banesco as part of the acquisition, enhancing the bank's SBA expertise and establishing a presence in the Greater Tampa Bay region [4] Group 2: Strategic Goals - The acquisition aligns with Banesco's growth strategy to expand small business lending capabilities, recognizing small and medium businesses as the backbone of the economy [3] - Banesco plans to extend its SBA lending capabilities to Puerto Rico, including hiring specialized staff focused on the island's small business sector [5][6] - This new business line will reinforce Banesco's presence in Puerto Rico and access a new commercial segment that complements existing services [6]