Acrecent Financial expands its funding capacity to provide financing to small and medium-sized enterprises in Puerto Rico

SAN JUAN, Puerto Rico, Oct. 9, 2018 /PRNewswire/ -- Acrecent Financial Corporation, a leading provider of alternative financing in Puerto Rico, closed over $35 million in new credit facilities and other capital sources, which significantly expands its funding capacity for small and medium-sized enterprises (SMEs) in Puerto Rico.  

Acrecent has consistently made credit accessible to local SMEs since its founding in 2004 — despite the global financial crisis, a protracted economic recession in Puerto Rico, and the ongoing government debt-restructuring. After hurricanes Irma and Maria devastated the Island and collapsed its electricity grid, capital access became even scarcer for SMEs. Acrecent increased its focus to serve the Island's disadvantaged, yet critical and productive sectors, including healthcare, education, construction, hospitality, and clean/renewable energy. 

Acrecent's financing platform provided capital to support businesses when they needed it most:

• A rural hospital: $2.5 million to cover power generation costs to provide healthcare services to a community in crisis. 
• A professional engineering firm: $7.5 million to expand its staffing to rebuild and certify water-related infrastructures affected by the hurricanes. 
• A facility management services company: $1 million in working capital to cover employee liability insurance premiums for hundreds of employees that provide clean-up services for airports, hotels, pharmaceuticals, and banks and other local companies. 
  

In a matter of months, Acrecent provided over $38 million to more than 30 local companies, supporting thousands of jobs and helping rebuild a sustainable recovery in Puerto Rico. The current expansion of Acrecent's funding capacity is expected to allow them to grow its impact on Puerto Rico's recovery and offer financial support to local businesses.

"We made a conscious decision to direct our resources to help the Island where our expertise had optimal impact by focusing on long-term community growth. Our goal is to provide credit to businesses to protect high-quality jobs. Our expanded credit facilities and capital sources are expected to allow us to be more effective in closing transactions and disbursing funds to resilient businesses who need capital post-devastation. We are confident that providing a firm foothold for well-managed, battle-tested businesses will help stimulate Puerto Rico's sustained economic recovery," said James Connor, CEO of Acrecent Financial Corporation.

Media Contact:
Maricarmen Vargas
[email protected] 
1-787-209-2466

SOURCE Acrecent Financial Corporation