Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $6 million dollar credit facility to Foundation Radiology Group, the leading regional provider of diagnostic imaging services for community hospitals. Proceeds of the credit facility will provide working capital to support the ongoing growth of the company.
"We are excited to be a part of Foundation Radiology Group's growth strategy as it continues to develop its model of delivering Elegant Radiology," said Evan Travis, assistant vice president in Square 1 Bank's life sciences practice. "We continue to be impressed by the company's commitment to revolutionizing the practice of radiology in the community healthcare setting and look forward to continuing our partnership for many years to come."
Based in Pittsburgh, PA, Foundation Radiology Group provides "Elegant Radiology" solutions by combining the subspecialty services of a renowned, highly-trained physician team with innovative radiologist workflow and referral outreach solutions. The group consists of board-certified radiologists providing exclusive subspecialty care to over 20 hospitals in an eight state geography.
"We are pleased to continue and extend our relationship with Square 1 Bank," said Tom Skelton, Chief Executive Officer at Foundation Radiology Group. "The strong, consistent support of our partners at Square 1 is a key component of our programmatic support of community hospitals as they position themselves to meet the clinical quality and patient satisfaction demands of healthcare reform."