Banesco USA, a Miami-based community bank, has taken a major step in its expansion efforts by acquiring the national Small Business Administration (SBA) lending business from BayFirst Financial Corp. The acquisition, announced in December 2025, includes approximately $95 million in SBA loan balances and the servicing rights for the purchased loans.
The move marks Banesco USA's formal entry into national SBA lending, enabling the bank to extend its services to small businesses across the continental United States, Puerto Rico, and Florida. With $5.4 billion in assets, the bank continues to position itself as a major player in the small business financing space.
Expanding Nationwide SBA Capabilities
The acquisition from BayFirst Financial Corp., the parent company of BayFirst National Bank, also brings Banesco USA a team of over 50 experienced SBA lending professionals. This team, along with their operational expertise and established infrastructure, is expected to enhance Banesco’s ability to deliver SBA loans on a national scale.
"By acquiring this SBA lending business, Banesco gains the infrastructure, expertise, and capabilities to deliver SBA financing on a national scale", said Calixto "Cali" Garcia-Velez, President and CEO of Banesco USA. He emphasized that this acquisition not only strengthens the bank’s small business capabilities but also establishes its presence in the Greater Tampa Bay region.
The transaction includes loan servicing responsibilities for both the acquired portfolio and SBA loans that BayFirst will continue to own. This comprehensive arrangement ensures continuity for existing clients while reinforcing Banesco USA's ability to grow its small business lending operations.
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New Leadership for SBA Lending Division
As part of its national SBA strategy, Banesco USA has appointed banking veteran Elijiah Gray to lead its SBA lending division. Gray, who joins Banesco as Senior Vice President and SBA Market Executive, will oversee the integration of the newly acquired SBA lending business and loan portfolio.
Gray brings over two decades of experience in SBA lending, having held senior leadership positions at institutions such as Hanover Bank, MileStone Bank, and Earthstar Bank. Her extensive background spans executive management, operations, finance, and regulatory compliance within SBA and USDA lending programs.
"The addition of Elijiah Gray will be instrumental in advancing our SBA strategy and expanding our small business lending capabilities nationwide", Garcia-Velez said. "With her leadership and the expanded team now in place, we are focused on positioning Banesco as a national leader in SBA lending in the years ahead."
Strengthening Its Roots While Looking Ahead
Founded as a community-focused bank, Banesco USA operates eight locations across South Florida and Puerto Rico. Known for serving both domestic and international clients, the bank has built a reputation for its expertise in diverse areas, including commercial and industrial lending, business and professional banking, residential and commercial real estate lending, and international banking services.
This latest acquisition reflects Banesco USA's strategic ambition to grow its footprint and support small and mid-sized businesses nationwide. With its expanded team, infrastructure, and leadership, the bank is well-positioned to become a significant player in the national SBA lending market.
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