Advanced Photonix Establishes New Facility With Silicon Valley Bank
Advanced Photonix, Inc. announced that it has established a new credit facility with Silicon Valley Bank, with regional headquarters in Chicago, IL. As part of this new banking relationship, the company has repaid the short-term note and line of credit previously held by The PrivateBank and Trust. The new credit facility is initially comprised of a three-year term note of $1 million, and a two-year $5 million revolving line of credit.
Richard Kurtz, president and CEO commented, “We are pleased to have established this new relationship with Silicon Valley Bank, a strong bank with a rich history of working with growing high technology businesses like API. I would also like to thank The PrivateBank and Trust for their support over the past four years. This new credit facility makes possible an increase in foreign receivable coverage up to $3 million as part of the $5 million total line. This increase in total credit facility will help us fund our growth, including our international revenue growth. We are very pleased with our new relationship with Silicon Valley bank, both for their commitment to API in particular and deep understanding of the high technology market.”
“We aim to increase the probability of our clients’ success and we’re looking forward to working closely with the Advanced Photonix team as they continue to grow,” said Mike Kohnen, senior relationship manager, Silicon Valley Bank. “Since we are focused on technology innovators like API, we are able to provide them with the services and financing they need to expand internationally and tackle their ambitious goals.”
Advanced Photonix, Inc. is a supplier with a broad offering of optoelectronic products to a global customer base.