Commercial Equipment Finance, a Puerto Rico-based equipment finance company and ELFA member since 2009, closed a new $30 million lending facility with FirstBank Puerto Rico for its Puerto Rico based business and expansion to the state of Florida.

“We are very pleased to increase our warehouse facility and expand our market presence to the Florida market with a partner such as FirstBank,” said Ricardo Rios Bolivar, CEFI’s co-Founder and CEO. “This transaction marks an important milestone in our continued growth as an independent finance company.”

Commercial Equipment Finance was founded in 2009. Since inception, CEFI has financed and leased over $125 million in commercial equipment.