Goodfood Market, a Canadian online meal solutions company, reached an agreement for an extension of its credit facility with Desjardins Capital Markets and Investissement Québec. The facility will now provide bank financing totaling approximately $5 million, consisting of a $2.1 million term loan, a $1.3 million revolving credit facility and $1.4 million in additional short-term financing. The facility will mature in November 2024. Goodfood intends to use the facilities mainly for working capital, general corporate purposes and capital expenditures.
“We are pleased to have worked closely with our lending group and to extend credit facilities that continue to support our efforts to grow our profitability and cash flows. Combined with our cash balance and consistency in profitability, the credit facilities will provide flexibility to help propel Goodfood into profitable growth in the coming quarters,” Jonathan Ferrari, CEO of Goodfood, said. “With our turnaround complete and our path to profitable growth established, we are very pleased to count on the support of key lending partners.”
