Medical Transcription Billing, a provider of healthcare IT solutions, secured a $10 million credit facility from the Technology Banking division of Opus Bank.

The credit facility totaling $10 million was officially extended by Opus to MTBC on September 2, 2015. It consists of an initial term loan in the amount of $4 million, to repay outstanding debts, a $2 million revolving line of credit, and an additional term loan amount of $4 million, subject to MTBC’s timely completion of its Series A Preferred Stock offering.

“The financing provided by Opus is a very important corporate milestone for MTBC,” said Mahmud Haq, MTBC’s CEO. He continued, “It will allow us to further pursue our acquisition strategy and make important investments in our sales and marketing infrastructure.”

Kevin McBride, senior managing director of Opus’ Technology Banking division, stated, “We are pleased to support MTBC with an expanded credit facility. MTBC is a dynamic leader in the healthcare information technology space and this financing will allow them to expand and create increased enterprise value.”

Bill Korn, MTBC’s CFO, said, “It has been a pleasure working with Doug and his team at Opus Bank. They took time to understand MTBC’s objectives, and together we developed a financing solution that supports these objectives.” He added, “They have been very responsive, and a pleasure to work with. Separately, we would also like to thank Kyle Kudla, VP Commerical Lending at TD Bank for all their support over the last 13 years.”