Acrecent: Funding capacity for Puerto Rico businesses expanded
Acrecent has made credit accessible locally since its founding in 2004. After hurricanes Irma and Maria struck the island last year, it increased its focus to serve the disadvantaged.
Among the businesses supported by Acrecent’s platform in the aftermath of the disasters were a rural hospital, which was able to obtain $2.5 million to cover power generation costs; and an engineering firm, which received $7.5 million to expand its staffing to rebuild water-related infrastructures affected by the hurricanes.
Also, a facility management services company, was able to access $1 million in working capital to cover liability insurance premiums for hundreds of employees that provide clean-up services for airports, hotels, pharmaceuticals, 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,” a release by the company reads.
“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,” Acrecent CEO James Connor added.
The firm also offers financial solutions stateside, the Dominican Republic and Mexico as well. In addition, it finances and leases commercial equipment, technology, real estate and other assets.