Print 1, a commercial printing business in Las Piedras, recently received a $6.7 million line of credit from FirstBank for the purchase of assets and working capital to expand their facilities, the company stated.
The printing company currently owns office space and a 120,000 square-foot production plant, which will be expanded an additional 9,485 square feet to accommodate the growth of its operations.
“As a financial institution, we have supported local entrepreneurs by helping them with loan structuring and providing advice and resources to meet their strategic and/or growth goals,” said Carmen Rocafort, senior vice president and director of new business development, corporate banking department at FirstBank.
“We are very pleased with the support this financing represents for Print 1. With it, the company will be able to provide better, more complete services to its customers and position itself as a leader in the commercial printing market,” she said.
Print 1, a Puerto Rican company established in 2016, has a team of 64 employees and several specialized, state-of-the-art, high-capacity presses. The company produces small printing projects as well as high-volume printing such as shoppers, inserts, directories, magazines, flyers and brochures, among others.
Print 1 also produces the folding carton cups and containers with product images that are used by fast food establishments. This represents a savings for these businesses, as they do not have to import them from the U.S. mainland or Canada.
Print 1’s main customers are local and U.S. retailers, supermarket chains, transportation services, insurance companies, the media, nonprofits, marketing agencies, and educational institutions.