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Banco Comercial makes $2.5M CBI-936 loan
Banco Comercial de Mayaguez made its first 936 loan in the Caribbean last week when it extended $2.5 million to Occidental Hotels for the renovation of the historic Hotel Embajador in Santo Domingo.
The loan is the latest in the Commonwealth government's program to have local banks channel 936 funds - the tax-exempt profits of local subsidiaries of mainland-based corporations - to the Caribbean in an effort to safeguard Section 936 of the U.S. Internal Revenue Code from congressional attacks. An estimated $250 million in 936 loans are being made in the region yearly, well above the $100 million minimum commitment …