Baar-Zug, Switzerland, October 13, 2022
Blue Earth Capital (“BlueEarth”) has committed $ 10 million to support Acrecent Financial Corporation (“Acrecent”), a licensed financing company that provides asset-backed loans and leases to underserved small and medium enterprises (“SMEs”) in Puerto Rico.
Acrecent tackles the significant credit gap in Puerto Rico, which is estimated to be over $ 10 billion. The company provides critical financing to hundreds of SMEs in sectors particularly relevant to the local community such as healthcare, hospitality, affordable housing construction, among others, that are drivers of local employment and are essential for the social and economic development of the island.
The transaction was structured as a senior secured credit facility designed to bring together key partners in a syndication arranged by Calvert Impact Capital (“Calvert”). A total of $ 34.8 million was committed by the group of investors which also includes Ceniarth as a lender and the Community Development Venture Capital Alliance (“CDVCA”) as an equity investor.
This investment will support Acrecent’s mission of financing critical employment-generating businesses, narrowing the capital access gap in Puerto Rico, especially in the midst of natural disasters like recent hurricane Fiona.
Amy Wang, Head of Credit Strategies of Blue Earth Capital, comments: “We are thrilled to partner with Acrecent since we recognize its management’s in-depth knowledge of the market, in addition to the impact that its products have on its clients and end beneficiaries. We look forward to supporting Acrecent’s goal of reaching more SMEs and boosting Puerto Rico’s economic growth”.
James Connor, CEO of Acrecent, comments: “Having BlueEarth and Ceniarth join Calvert Impact Capital and CDVCA in our AFP impact fund inspires me to double down in our mission of addressing the chronic gap in credit/capital access for overlooked SMEs. I am confident the joining of forces will serve as catalyst for other impact-centric LPs in the US and other developed markets to play a role in addressing the gross underdevelopment of Puerto Rico’s non-bank, private capital/credit sector”.
Iván Savarain, Director, Investments of Calvert Impact Capital, comments: “We are proud to continue our long-standing relationship with Acrecent, bringing in new partners through our syndications services to support investments in high-impact small businesses in Puerto Rico. This facility will help deepen and expand their work to provide critical access to capital across the island”.
Founded in 2003 and headquartered in Guaynabo, Puerto Rico, Acrecent is part of Sygnus Group and is a non-bank financial institution that provides asset-backed loans and leases to SMEs in Puerto Rico. The company is recognized as one of the leading players in the region due to its management’s broad expertise and track record, which reflects in differentiated impact through products offered to key sectors in the economy, such as healthcare, commercial real estate, and hospitality.
About Blue Earth Capital
Blue Earth Capital AG is a global impact investment firm headquartered in Switzerland, with operations in New York, Konstanz, and London. Blue Earth Capital seeks to invest in businesses that address pressing environmental and social challenges, whilst generating market-rate financial returns. The firm was initiated in 2015 by Urs Wietlisbach, one of the founders of Partners Group, and is backed by the Ursimone Wietlisbach Foundation.
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