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CLEARWATER — Inuvo Inc. secured a new $8.5 million line of credit with Bridge Bank N.A., a subsidiary of Bridge Capital Holdings (symbol: BBNK). The new deal will replace Inuvo's $5 million credit line with Wachovia Bank, which was set to expire at the end of March.
Settling the company's debts with Wachovia was the first priority of new president and CEO Richard Howe when he came to Inuvo at the end of 2008. At the end of 2010, the company owed Wachovia $1.85 million, down from a high of $8 million two years earlier.
Howe's strategies have helped Inuvo grow its revenues. The company expects to report 46% annualized growth when it releases its fourth-quarter results later this year.
“This business turnaround is unlike any other I've ever seen,” Howe told the Business Review earlier this month.
This is not Bridge Bank's first foray into the Gulf Coast business community. In 2008, the San Jose-based bank opened a $10 million credit line with Fort Myers-based Miva Inc., which is today known as Vertro Inc.
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