Banesco USA closes SBA lending acquisition, enters national market

Banesco’s headquarters in San Juan, Puerto RicoBanesco USA closed its acquisition of the Small Business Administration lending business and about $95 million in SBA loan balances from BayFirst Financial Corp., formally marking its entry into the national small business lending market.The transaction allows Banesco to diversify its commercial services while expanding beyond its existing markets. As part of the deal, Banesco acquired the servicing rights tied to the purchased loans and will also service all S ...