Precision Optics, a designer and manufacturer of advanced optical instruments for the medical and defense industries, entered into a $750,000 term loan with Main Street Bank. The term loan has a five-year term with a fixed interest rate. The company also expanded its line of credit facility to $1.25 million from $500,000. This line of credit has a variable rate tied to the Prime rate. Precision Optics also has a current term loan with Main Street Bank that was originally issued in connection with the acquisition of Lighthouse Imaging in 2021.
“We are pleased to enter into these expanded borrowing facilities to support our working capital needs as we build upon the rapid growth the company has experienced the past few years,” Dr. Joe Forkey, CEO of Precision Optics, said. “With a number of development pipeline programs transitioning to commercial production this past year, and more expected in the coming year, having a banking partner in Main Street Bank that understands the working capital requirements of our growth model has been key. We look forward to leveraging these enhanced facilities as we continue to bring new and innovative products to the market.”
