ACRECENT FINANCIAL CORPORATION, DRIVING THE PUERTO RICAN ECONOMY OVER 20 YEARS.
(San Juan, Puerto Rico)
Acrecent Financial Corporation, a leader in financing solutions for small and medium-sized businesses in Puerto Rico, is pleased to announce its 20th anniversary, a moment to celebrate its contribution to the growth and strengthening of the local economy.
Founded in 2003 by James Connor and Raúl Cacho, Acrecent has provided financing for small and medium-sized businesses, establishing itself as a true catalyst for business growth on the island.
Over these 20 years, Acrecent has demonstrated an unwavering commitment to the success of SMEs in Puerto Rico, recognizing them as a key ingredient for economic development.
This celebration would not have been possible without the trust of all the companies and industries that have sought financial solutions, both for standard transactions and special situations, beyond the traditional banking system, and have found a reliable ally in Acrecent. The evolution and success of those seeking financing became the main driving force and motivation to provide tailored tools and special assistance for each project.
20 years of opportunities
Acrecent has achieved several noteworthy milestones in its effort to secure credit for Puerto Rican businesses. Among its history, it stands out for its involvement in the reconstruction and reopening of a historic hotel that was devastated by Hurricane Maria. This project also supported the employment of local residents and promoted tourism.
Additionally, it played a significant role in rescuing a major medical supplies distributor from imminent bankruptcy.
To expand its capacity to support small and medium-sized businesses in Puerto Rico, Acrecent has partnered with local and foreign investors from the United States, Switzerland, London, among others.
In recent months, Acrecent celebrated its alliance with four international impact investment firms, resulting in support of $34.8 million, to continue its mission of providing critical loans and financing for hundreds of SMEs in underserved sectors of Puerto Rico. These sectors are fundamental for the social and economic development of the island, such as healthcare, manufacturing, construction of affordable and dignified housing, hospitals equipped to meet current needs, and renewable energy projects.
Acrecent’s success has led to the development of three Impact Credit Funds in Puerto Rico since 2018: LIFT, LIFT II, and AFP (Acrecent Finance Partners LLC). These funds have had a tangible impact on the local economy, with LIFT providing 154 financings to 80 small and medium-sized enterprises, and LIFT II focusing on SMEs with credit disadvantages.
In total, these three funds, with over $69 million raised in capital, have provided financial support of $93.1 million distributed in 343 loans to 119 of their clients, impacting essential industries for the economic development of the island.
The recent acquisition of Acrecent by Sygnus, a leading alternative investment firm in the Caribbean and Latin America, marks the beginning of an exciting new chapter for the company. With this union, Sygnus reaffirms its commitment to accelerate economic growth in the region through innovative and creative financial solutions.
As Acrecent celebrates its 20th anniversary, it also prepares for the future by opening up possibilities for more international investors to join the challenge of bridging the credit gap for businesses.
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About Acrecent
Acrecent Financial Corporation, founded in 2003 and headquartered in Guaynabo, Puerto Rico, is a company of the Sygnus Group and is a non-bank financial institution that provides loans and support for Puerto Rico’s SMEs. The company is recognized as a regional leader for its management model, expertise, and knowledge, reflected in its products and services with a significant impact on supporting sectors such as healthcare, commercial real estate, and hospitality.
About Sygnus
The Sygnus Group is a leading alternative investment firm with a presence in the Caribbean and Latin America, committed to driving economic growth in the region by offering creative and innovative financial solutions. These alternative forms of investment, such as Private Credit, Real Estate Financing, and Venture Capital, were created as a way to meet the need for innovative investment opportunities that unlock capital for company growth, playing a critical role in economic development.
