ImpactAlpha, November 7 – Guaynabo, P.R.-based Acrecent Financial Corp. has for nearly 20 years provided business loans, equipment financing and real estate lending to small and midsize businesses in Puerto Rico. The lender is addressing a roughly $10 billion financing gap for businesses on the island, which has been exacerbated by natural disasters like recent hurricane Fiona.
Switzerland-based BlueEarth Capital, family office Ceniarth, Calvert Impact Capital and Community Development Venture Capital Alliance participated in a $34.8 million funding round that will enable Acrecent to expand services to healthcare, affordable housing construction, hospitality and renewable energy companies.
“Acrecent has consistently made credit accessible to local small and medium-sized enterprises since its founding in 2004, despite a global financial crisis, a protracted economic recession in Puerto Rico, the ongoing Puerto Rico government debt-restructuring, and [recent] hurricanes,” states Calvert, which invests in Acrecent’s impact fund via its community investment note portfolio.
The fund has deployed more than $30 million in loans to over 80 businesses and created or maintained more than 16,700 jobs since launching in 2018.
Alternative assets manager Sygnus acquired a majority stake in Acrecent in late 2021.