Toronto-based Lendified Holdings, a lending platform focused on supplying working capital financing to small businesses, has entered into an agreement for a credit facility of up to C$10 million. The facility’s providers are Windsor Private Capital and Evergreen Gap Debt.
Toronto, Ontario–(Newsfile Corp. – August 17, 2021) – As previously announced on April 5, 2021 and May 14, 2021, Lendified Holdings Inc. (TSXV: LHI) (formerly, Hampton Bay Capital Inc.) (the “Company” or “Lendified”) is pleased to announce that the Company’s wholly-owned subsidiary, incorporated as a special purpose vehicle for the purpose of funding new loans under the Credit Facility (the “SPV”), has entered into a definitive two year credit agreement (the “Credit Agreement”) with Windsor Private Capital Limited Partnership and Evergreen Gap Debt GP Inc. (together, the “Lenders”) for a non-revolving, secured term loan in the aggregate amount of up to $10,000,000.00 (the “Credit Facility”).
The Credit Facility has an effective date as of July 30, 2021, subject to the Company satisfying two undertakings in favour of the Lenders relating to updating the Company’s credit risk policy and entering into an agency agreement between the SPV and a wholly-owned subsidiary of the Company, as origination agent. Notwithstanding the undertakings the Lenders have agreed to and closed on the first advance of $500,000 to the SPV under the Credit Facility, which will be used to fund new loans to the Company’s customers in the ordinary course of business.
In connection with the Credit Facility and pursuant to the Credit Agreement, Lendified’s wholly-owned subsidiaries, as borrower and guarantor, have entered into general security agreements and a guarantee in favour of the Lenders on terms and conditions customary in such transactions. The Credit Facility shall be used by Lendified for the purpose of funding new loans to small and medium-sized businesses in Canada in the ordinary course of its business.
ABOUT LENDIFIED HOLDINGS INC.
Lendified, a company located in Ontario, Canada, is a Canadian FinTech company operating a lending platform which provides working capital loans to small businesses across Canada through a wholly-owned subsidiary.