ProntoForms entered into a financing agreement with BDC Capital for a $4 million five-year secured term credit facility bearing interest at a fixed rate of 7% per year. The credit facility provides for the disbursement of funds in stages subject to the company meeting certain conditions. The first disbursement of $2 million is expected to be received within this fiscal quarter.

The company’s subsidiaries will act as guarantors of the company’s obligations pursuant to the BDCC credit facility. The net proceeds from the credit facility are intended to be used for operations and working capital purposes and to repay an existing $1 million BDCC loan amount due in December 2017. Completion of the financing is subject to the negotiation and execution of additional definitive loan and security documents.

Ottowa-based ProntoForms is a mobile workflow platform used by more than 3,500 businesses to collect and analyze field data with smartphones and tablets.