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OFG's Oriental Launches Small & Mid-Size Business Commercial Credit Online Platform


OFG Bancorp's (NYSE:OFG) Oriental Bank has launched a new digital
platform that makes it fast and easy for small and medium-sized Puerto
Rico businesses to apply for and manage commercial credits through the
life cycle of their relationship.

In another "banking first" for the island, the Oriental SmallBiz platform
was created for businesses with $15 million or less in gross revenue
that need short and long-term commercial loans, SBA guaranteed loans,
loans for property acquisition, credit lines and credit cards. Small and
medium-sized enterprises (SMEs) in Puerto Rico are often referred to by
the Spanish acronym PYMES (pequenas y medianas empresas).

Open to existing clients as well as businesses new to the bank, Oriental
is the latest in a series of digital channel solutions
making access to retail and commercial products and services fácil,
rápido, hecho
(easy, fast, done). The effort, which began in 2013,
has resulted in more customers, new loans and growing deposits.

By digitizing the commercial credit life-cycle for clients and the bank, Oriental
is expected to reduce time to decision considerably among
other benefits.

  • Applicants access the portal, review requirements, and complete a
    questionnaire, which recommends the product best suited for their
  • Applicants can then upload required documents, download the completed
    application, and check the status online.
  • After funding, clients can monitor their accounts, update reporting
    covenants (such as providing financial statements) and other
    requirements, and process renewals.

"We recognize PYMES businesses expect agility and refined customer
experience when they engage with banks, and we are committed to
providing that," said Ganesh Kumar, SEVP & Chief Operating Officer and
Head of Retail Banking. "With the Oriental SmallBiz platform, we
have once again advanced our digital channel capabilities, continuing to
differentiate our value proposition."

About OFG Bancorp

Now in its 54th year in business, OFG Bancorp is a
diversified financial holding company that operates under U.S. and
Puerto Rico banking laws and regulations. Its three principal
subsidiaries, Oriental Bank, Oriental Financial Services and Oriental
Insurance, provide a wide range of retail and commercial banking,
lending and wealth management products, services and technology,
primarily in Puerto Rico. Investor information can be found at

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