While funding news has been as rare as happy financial markets news on the TV, New Jersey-based CLEC SNIP LINK today announced $800,000 in funding from capital markets giant Thermo Credit LLC.
The facilities-based CLEC plans to use the funding, an asset-based loan, for operational expansion. Thermo says it focuses solely on opportunities in the telecommunications industry.
Content companies and very few telecom startups have been rare exceptions to seemingly radio silence on the domestic investment front.
“The financing gives us the ability to expand our network while the company is experiencing significant organic growth,” said Marc Gilbert, managing director of SNIP, in prepared comments. He did not provide details.
SNIP LINK, created in 1995, describes itself as a “regional integrated communications provider that offers a broad portfolio of advanced telecommunications solutions and co-location services” tailored to meet the individual needs of small and medium-sized businesses in New Jersey, Pennsylvania and Deleware.
“SNIP has a strong management team, provides excellent services and has solid growth prospects,” said Phil Pedone, vice president of sales for Thermo, in prepared comments.
Thermo says it provides asset-based solutions, loans, lines of credit and capital investment programs to every segment of the telecommunications market.
