Azure Dynamics has received several votes of confidence lately, ranging from awards to growing sales for its Ford Transit Connect hybrid and electric vehicles. Now it’s receiving one in its bottom line, thanks to a new $4 million line of credit from Silicon Valley Bank.
The credit line, available for the next two years, gives the Oak Park-based company more liquidity at all stages of its sales cycle. Borrowings against the facility are based on eligible accounts receivable, including certain foreign receivables, inventory, and purchase orders, making the facility scalable.
“The company is maturing,” says Ryan Carr, CFO of Azure Dynamics. “Our business plan is one banks see as a secure place to lend money. It’s a relatively small amount today, but it’s scalable.”
Silicon Valley Bank has a reputation for investing in promising young companies on the rise, making this a banking relationship worth taking notice of for Azure Dynamics. The 8-year-old company has grown to 150 employees, including 50 in Oak Park. It has added 50 people in the last year and expects to continue hiring and to more than double its revenues next year.
Source: Ryan Carr, CFO of Azure Dynamics
Writer: Jon Zemke
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