Strongco announced it has renewed and expanded its operating facility with HSBC Bank to further strengthen the company’s borrowing capability in support of its growth strategy.

The new agreement provides improved terms and covenants for Strongco and an increase in the borrowing capacity under the company’s operating lines to approximately C$40 million ($32.31 million), as well as $4 million in mortgage financing for the company’s properties in the U.S.

The new three-year committed credit facility was renewed well ahead of the previous facility’s expiration in October 2015, and effectively consolidates Strongco’s Canadian and U.S. bank facilities.

“We are pleased with the ongoing support from our banking partner, HSBC Bank,” said Robert Dryburgh, president and chief executive officer of Strongco. “Consolidating these facilities with increased borrowing limits and more favourable terms has improved our financial flexibility.”

Mississauga, ON-based Strongco Corporation is a multiline mobile equipment dealer with operations across Canada and in the U.S., operating through Chadwick-BaRoss, Strongco sells, rents and services equipment used in diverse sectors such as construction, infrastructure, mining, oil and gas, utilities, municipalities, waste management and forestry.