Acrecent Financial Corp. closes $13M credit line for Puerto Rico Hospital Supply
Acrecent Financial Corp. announced it partnered with BluHaus Capital, Puerto Rico Fund for Growth, and Farragut Capital Partners to extend a $13 million bridge loan to Puerto Rico Hospital Supply.
Since its founding in 2004 Acrecent has consistently made credit accessible to small- and mid-sized enterprises (SMEs) — at times against challenging backdrops including the global financial crisis, a protracted recession and the bankruptcy of the local government, hurricanes, earthquakes and the COVID-19 pandemic.
Acrecent has been particularly active in some of the island’s disadvantaged yet critical sectors, among them healthcare, education, construction, hospitality, and clean/renewable energy. Many businesses in these industries have recently had limited access to capital.
Acrecent is focused on originating loans and leases that facilitate the acquisition of equipment, technology, real estate and for working capital in multiple industries, it confirmed in a statement.
“I am immensely grateful to Félix Santos and his team at Puerto Rico Hospital Supply for allowing the Acrecent team to serve them and for trusting us in completing this transformative financing for their business,” said James Connor, CEO of Acrecent Financial Corp.
“Santos and Puerto Rico Hospital Supply are representative of many proven but underserved SMEs in Puerto Rico that have consistently demonstrated their anti-fragility and determination to resurge. It bodes well for Puerto Rico’s economy and community” said Connor.
The credit extended to Puerto Rico Hospital Supply, a medical equipment distributor, is Acrecent’s latest financing in the healthcare industry. With the credit line, Puerto Rico Hospital Supply will move ahead on its growth plans, retain its 180 jobs, and secure its innovation platform and its exports to the US mainland, company officials said.
“We’re pleased to work with Acrecent and their syndicate partners who provided the capital to allow Puerto Rico Hospital Supply and Customed, our medical device manufacturing facility, to emerge from a very challenging situation, and now we’re positioned for growth and continued success serving customers in Puerto Rico, the Caribbean as well as the United States,” said Santos, president of Puerto Rico Hospital Supply and Customed.