FirstBank recently granted $6.5 million in financing to Air-Con Inc., a distributor of air conditioners and commercial refrigeration, for working capital guaranteed by its inventory and accounts receivables.
Air-Con Inc., which has offices in Puerto Rico and the Caribbean, pioneered in introducing energy saving inverter products to Puerto Rico. It also developed its own Air-Con brand with high-quality products and a network of distributors, company officials said.
With close to 20 years in the industry, the company has six distribution centers located in Caparra, Bayamón, Ponce, Mayagüez, Río Piedras, and Toa Baja.
The 51,000-square-foot distribution center in Toa Baja houses the headquarters and the main warehouse that holds a wide inventory of residential, industrial, and commercial products, including air-conditioner units, mini-splits, and chillers, etc. Additionally, they will soon open a new store in Caguas and another in Miami.
“At FirstBank, we’re committed to supporting local companies through consultation and commercial products that address their financial needs,” said Orlando Ríos-Martinez, business banking officer at FirstBank.
“We granted Air-Con Inc. financing on inventory and accounts receivables, which enables them to access their working capital,” he said.
“This way, we give them short-term resources that will allow them to fulfill needs that may arise and to continue their growth in the air conditioner and commercial refrigeration industry,” he added.
Besides the Air-Con brand, the company also represents brands such as Mitsubishi Heavy Industries and Daikin.
“At Air-Con Inc. we have focused on offering a variety of products with high standards of quality and energy efficiency. This financing from FirstBank allows us to secure working capital for the purchase of inventory and, that way, meet any needs we may face, allowing our business to grow,” said Jaime Maldonado-Ordonez, president of Air-Con Inc.