Space Micro Enables Growth Via Expanded Banking Relationship
San Diego, CA – March 27, 2018
Space Micro Inc., a manufacturer of affordable, radiation hardened, electronics subsystems for space and missile applications, has signed an expanded credit facility with Umpqua Bank, headquartered in Portland, Oregon.
“Umpqua Bank is pleased to be working with David Strobel and the executive team at Space Micro by continuing to support their success as they move forward and grow their business,” said Mark Lee, vice president at Umpqua Bank. “Bob Jondall and Umpqua Bank’s Corporate Banking Team are dedicated to building and strengthening our financial relationship through the next stage of their growth cycle.”
This credit facility is important to Space Micro as the company moves into more fixed price, hardware deliverable, space and missile products. These advanced products meet the needs of many military, NASA, international, and commercial space programs, including new space or “Space 2.0”. They can significantly reduce the long lead times commonly experienced in building satellites. Space Micro is leveraging their existing heritage space electronics hardware used for NASA IRIS, NASA LADEE, NASA TESS, COSMIC-2, TacSat2, TacSat4, NASA LWS, and the Air Force ORS-1 satellites.
Space Micro CEO David J. Strobel said, “Our expanded credit facility, including an operating line of credit and a CAPEX line of credit, will enable Space Micro’s continued rapid growth in the space and missile electronics marketplace.”