By Brittany VanBibber
The entrepreneurial spirit of America lives on and thrives with help from companies like Hercules Technology Growth Capital
(NYSE:HTGC). The loans made by this specialty finance company give startups and small technology firms an opportunity to grow their businesses into potentially profitable and long-lasting businesses. Identive Group Inc. (NASDAQ: INVE), a technology firm focused on software and systems in identification-based technologies was one of the more recent companies to receive financial backing from Hercules.
Earlier this month, Identive acquired an initial loan of $7.5 million from Hercules. This amount is a portion of the total $20 million loan agreement that can be drawn from in the future given that Identive meets the established term agreements. The loan from Hercules gives Identive increased liquidity and an ability to focus on international growth, business needs, and investment in new opportunities. Hercules declined to comment on the loan.
Following this agreement, Hercules released their quarterly earnings report which showed record high investments assets, or outstanding loans, of $774.5 million. In total, Hercules has committed more than $3.0 billion to over 215 companies. Manuel A. Henriquez, Hercules co-founder, chairman and chief executive officer said in the report that, “We continued to see strong demand for venture debt during the quarter, despite continued global economic uncertainty and the upcoming U.S. elections.”
Loan agreement information in this article originated from this press release from Identive Group.