FirstBank loans printing company $6 million for expansion
SAN JUAN – The year 2018 should represent an era of growth for Print 1 in the town of Las Piedras. Puerto Rico-based FirstBank recently granted the company a $6.7 million line of credit for the purchase of assets and working capital to expand its facilities, according to a statement issued Monday.
Print 1 is a Puerto Rican company established in 2016, and now has a team of 64 employees and several specialized, state-of-the-art, high-capacity presses. It produces small printing projects as well as high-volume printing such as shoppers, inserts, directories, magazines, flyers and brochures.
The company owns office facilities and a 120,000-square-foot production plant, which will be expanded an additional 9,485 square feet to accommodate the growth in 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. 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,” said Carmen Rocafort, the Corporate Banking Department’s senior vice president and director of new business development.
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