Cleantek Industries Inc said this week it had entered into a new long-term debt financing facilities arrangement.
The new long-term facilities include a $7,200,000 term loan with Business Development Bank of Canada and an operating line of up to $2,500,000 with HSBC Canada.
The term loan will need to be repaid over a period of 72 months and includes an initial 6-month interest-only period.
The new facilities replace Cleantek Industries’ existing short-term credit facility arrangement and provide the company with a long-term partnership and considerably reduced monthly principal and interest payments.
“The completion of this long-term financing marks a significant achievement for the company,” Matt Gowanlock, Chief Executive Officer of Cleantek Industries, said in a press release.
“The fixed term and improved financial flexibility will allow the company to fund additional growth initiatives and improve our working capital position through 2024. This is a significant milestone for our team and a real catalyst for future growth. We would like to thank our new lenders the Business Development Bank of Canada and HSBC Canada for their support and we look forward to a lasting partnership,” the CEO added.
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