Type to search

Featured General Biz News

Acrecent locks down $34.8M in investment for Puerto Rico SMEs

Acrecent, a Sygnus company based in Puerto Rico, established a union with four international impact investment firms to provide capital for small- and mid-sized enterprises (SMEs) in Puerto Rico.

Acrecent recently secured a $34.8 million investment from global impact investment firms, BlueEarth Capital, Ceniarth, Calvert Impact Capital and the Community Development Venture Capital Alliance.

These firms are recognized for investing their capital and expertise in marginalized or vulnerable communities and countries facing social and economic challenges. Through this new partnership, their collective mission is to improve livelihoods and generate an impact that is not only measurable, but which also produces sustainable financial returns, Acrecent officials said.

“This investment allows Acrecent to continue deploying critical financing to hundreds of SMEs in underserved sectors which are essential for the social and economic development of the island, such as healthcare, affordable housing construction, hospitality and renewable energy, among others,” said James Connor, CEO of Acrecent.

“Having BlueEarth and Ceniarth join Calvert Impact Capital and CDVCA in our AFP impact fund inspires me to double down on our mission of addressing the chronic gap in access to credit for overlooked SMEs,” he said.

“I’m confident the joining of forces will serve as a catalyst for other impact-centric LPs in the US and other developed markets to play a role in addressing the gross underdevelopment of Puerto Rico’s non-bank, private capital/credit sector,” Connor said.

As awareness of social responsibility expands and companies are increasingly under pressure to conduct their business responsibly, more investors are eager to generate both financial and social or environmental returns.

Responsible impact investing produces a multiplier effect which allows capital to be re-invested sustainably throughout communities in need.

“The deepening of relationships with global impact investors by Acrecent highlights the continued growth and expansion of the Caribbean private credit market and reflects the strategic importance of Acrecent to SCI’s regional private credit platform,” said Jason Morris, chief investment officer of Sygnus Capital Limited, the investment manager for SCI.

“Channeling capital through the impact investing channel aligns with Sygnus Credit Investments (SCI) mission to deepen access to credit for Caribbean middle-market companies, while accelerating equality of access to economic opportunities,” he said.

Author Details
Author Details
This story was written by our staff based on a press release.
Tags:

Leave a Comment

Your email address will not be published. Required fields are marked *