Space Micro Enables Growth Via Expanded Banking Relationship
San Diego, CA – September 9, 2020
Space Micro Inc., a manufacturer of affordable, radiation hardened, electronics subsystems for space and missile applications, has signed an expanded credit facility with Endeavor Bank, headquartered in San Diego, CA.
“Endeavor Bank is pleased to be working with David Strobel and the executive team at Space Micro by supporting their success as they move forward and grow their business,” said Dan Yates, CEO at Endeavor Bank. “Endeavor’s corporate banking team is dedicated to building and strengthening our financial relationship with Space Micro through the next stage of their growth cycle.”
The expanded credit facility is important as Space Micro moves into more fixed-price, hardware-deliverable, space and missile products. These advanced, rapid-production products meet the needs of military, international, and commercial space programs, including NASA and new space, or “Space 2.0,” programs. The products can significantly reduce long lead times commonly experienced in building satellites. Space Micro is leveraging its nearly 2 million hours of space heritage of their space electronics hardware used on missions such as NASA IRIS, NASA LADEE, NASA TESS, COSMIC-2, TacSat2, TacSat4, NASA LWS, many classified programs, and the Air Force ORS-1 satellites to further expand and serve their customer base.
Space Micro CEO David J. Strobel said, “Our expanded credit facility, including an operating line of credit and a capital equipment line of credit, will enable Space Micro’s continued rapid growth in the space and missile electronics marketplace.”
About Endeavor Bank:
Endeavor Bank is primarily owned and operated by San Diegans for San Diego businesses and their owners. The bank’s focus is local: Local decision-making, local board, local founders, local owners, and relationships with local clients in the San Diego metropolitan marketplace and its surrounding areas.
Headquartered in downtown San Diego in the landmark Symphony Towers building, the bank also operates a loan production office in Carlsbad. Endeavor Bank provides traditional business banking services across a broad spectrum of industries and specialties. Unique to the bank is its consultative banking approach that partners business clients with Endeavor Bank’s senior management. Together, we build strategies and provide resources that solve problems, plan for the future, and help clients’ efforts to grow revenues and profits. Visit www.bankendeavor.com or call (619) 329-6565 for more information.