Puerto Rico based subsidiary of Sygnus, Acrecent, has partnered with four international impact investment firms to provide capital to Small and medium-sized enterprises (SMEs) in the spanish-speaking country.
The partnership is with BlueEarth Capital, Ceniarth, Calvert Impact Capital and Community Development Venture Capital Alliance.
Acrecent recently secured a US$34.8 million investment from these four firms.
Sygnus says the aim of the partnership is to improve livelihoods and generate an impact that produces sustainable financial returns.
It's expected that the move will also support social and economic development.
James Connor, co-founder and CEO of Acrecent, is expecting that the joining of forces will aid in addressing the gross underdevelopment of Puerto Rico's non-bank, private capital/credit sector.
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