Wishpond Technologies, a provider of marketing-focused online business solutions, entered into a new credit facility pursuant to the terms of a credit agreement entered into between the company and National Bank of Canada‘s technology and innovation banking group that provides for a $6 million secured revolving operating line.
“We are very pleased to be putting this credit facility in place and we are grateful for the support we’ve received from National Bank’s technology and innovation banking group,” Ali Tajskandar, chairman and CEO of Wishpond Technologies, said. “It’s a great honor to be partnering with one of Canada’s premier banks. This credit facility is a step forward in terms of accelerating Wishpond’s future growth plans.”
“National Bank is pleased to be partnering with Wishpond to assist the company in its continued growth and success,” David Looi, senior director of technology and innovation banking at National Bank of Canada, said. “Wishpond is a great fit with our mandate of supporting innovative, rapidly growing technology companies across Canada.”
“The credit facility will provide us with an efficient way to optimize our working capital and the ability to retain our flexibility should we need to use proceeds for general corporate purposes or support future acquisitions,” Juan Leal, CFO of Wishpond Technologies, said. “We currently have over $7.5 million of cash and no debt on the balance sheet, combined with this new undrawn NBC credit facility of $6 million, we are in a strong position to execute on our future expansion and acquisition plans.”
Pursuant to the loan agreement, the credit facility is secured against the assets of Wishpond Technologies, which is expected to use the financing to fund working capital requirements in the ordinary course of business.