ID Watchdog, a provider of consumer-facing identity theft protection and resolution services, entered in to a new $3 million credit facility with Silicon Valley Bank.

The facility will consist of up to a $2.5 million revolving credit facility and a $500,000 term loan. The company intends to use proceeds from the facility to repay the remaining promissory notes due November 22, 2017, which bear interest at 15% per annum, and for general corporate purposes.

The revolving facility and term loan mature on September 30, 2018 and September 30, 2019, respectively, bear interest at the prime rate plus 3.00%, currently 6.5%, and are secured by all the assets of the company.

“The facility will allow us to significantly reduce our interest expense and, coupled with the recurring cash generated by our business, will provide us with enhanced financial flexibility to pursue our strategic initiatives,” said Jay B. Lewis, CFO of ID Watchdog.