The family business South Puerto Rico Towing & Boat Service, Inc. received two financing granted by FirstBank for a total of $ 11,732,000.00, under Program 504 of the Federal Small Business Administration (SBA) with COFFEC, for the purchase of a tugboat , improvements to an existing one and debt refinancing.
According to a press report from the bank, for the past 64 years, the company has provided local and international maritime towing services to private companies, the government and independent clients mainly in the ports of Guayanilla, Ponce, Tallaboa, Guánica and Mayagüez.
The new vessel acquired by South Puerto Rico Towing & Boat Service, baptized with the name “Nydia P”, has a Maltese A1 classification and has a high-tech machinery, with a high degree of automation that allows 360 ° rotation.
The company now has a fleet of six tugs, which offer services for the entry and exit of ships and barges that transport liquefied natural gas, propane gas, oil, and its derivatives, pitch, containers, cargo in general, melao, food for cattle and cruises, when required in the ports of southwest Puerto Rico.
“At FirstBank we are committed to offering our customers the best financial solutions to meet their business needs. Financing to South Puerto Rico Towing & Boat Service will help it continue to be the leading maritime tow service provider in the southwest area of Puerto Rico. This will have a positive effect on Guayanilla and neighboring towns, since it has an opportunity for growth in the services offered to its customers. At the same time, it will stimulate the creation of jobs, in one of the moments where the economy has been affected by recent seismic events, ”said René López, first vice president of Commercial Banking at FirstBank.
“The SBA 504 program is designed for business owners such as South Puerto Rico Towing & Boat Service, who wish to finance fixed assets such as property, improvements, equipment and machinery in a single loan. In addition, it can be used for the refinancing of existing debt, as long as it meets certain criteria required by the Federal Agency. Among its benefits are: attractive interest rates, lower initial contribution and financing of up to $ 5.5 million depending on the project, ”said Ildefonso Rodríguez, vice president of the FirstBank Small Business Unit.
“This financing will allow us to increase the amount of trips we make and meet the demand for our services. We have planned to create new direct and indirect jobs in the region. We appreciate the collaboration of FirstBank, SBA and COFFEC in granting the loans, ”said Nydia Padilla, president of South Puerto Rico Towing & Boat Service, Inc.
“Puerto Rico faces times of challenges, but also of great opportunity. Supporting a company like South Puerto Rico Towing & Boat Service through SBA programs reiterates our commitment to help small businesses start, grow and generate jobs that keep our economy moving, ”said Yvette T. Collazo, director of the SBA District for Puerto Rico and the Virgin Islands.
South Puerto Rico Towing & Boat Service is located on Highway # 127, Km 12.4 in Guayanilla. The tugboat fleet is certified by the “American Bureau of Shipping (ABS)” and the “US Goast Guard (USG)”. The captains and other crew of the vessels are certified and licensed in compliance with the regulations of the maritime industry of P.R. and from the USA.
Due to the nature of its services, it operates 24 hours a day, 7 days a week, 365 days a year.
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