Pacific Mercantile Bank extended $8 million in financing to Aluratek, a global technology company based in Irvine. The credit facility consists of a line of credit and a term loan.
Aluratek focuses on technology consumers, producing more than 100 product solutions in the smartphone and tablet market. Its product portfolio consists of a wide array of digital picture frames, Bluetooth audio accessories, USB and audio/video accessories, and mobile power and charging products.
“Aluratek’s commitment to providing simple yet elegant connectivity solutions has driven our rapid growth,” said John Wolikow, CEO of Aluratek. “As we continue to expand our product offerings, we needed a banking partner with the capacity and flexibility to support our financing needs. We are very happy to be working with Pacific Mercantile Bank. Their team listened to our needs and developed a credit facility that provides increased flexibility and liquidity, which will allow us to access the working capital we need to continue growing our business.”
“We have been impressed with Aluratek’s ability to bring unique and innovative technology solutions to the market,” said Tom Vertin, president and CEO of Pacific Mercantile Bank. “We are pleased to be a part of this exciting success story and we look forward to expanding our relationship with Aluratek in the future.”
