Lendified Enters into Letter of Intent for New $10,000,000 Credit Facility with Windsor Private Capital and Firepower Capital to Bolster Its Lending Platform to Finance Small Businesses
Toronto, Ontario--(Newsfile Corp. - April 5, 2021) - Lendified Holdings Inc. (TSXV: LHI) (formerly, Hampton Bay Capital Inc.) (the "Company" or "Lendified") is pleased to announce that the Company's wholly-owned subsidiary has entered into a non-binding letter of intent with Windsor Private Capital Limited Partnership and FirePower Capital (together, the "Lenders") for a non-revolving term loan in the aggregate amount of up to $10,000,000.00 (the "Credit Facility").
In connection with the Credit Facility, the parties will enter into a definitive credit agreement and a general security agreement in favour of the Lenders on terms and conditions customary in such transactions. The Credit Facility shall be used by Lendified for purposes of funding new loans to small and medium-sized businesses in Canada.
John Gillberry, Chief Executive Officer of Lendified stated "This new credit facility demonstrates our Lenders' confidence in Lendified's ability to identify and implement new loan opportunities in the small to medium enterprise market in Canada. This credit facility provides a foundation for the future growth of our lending business".
Jared Kalish, a Partner at FirePower Capital added, "Lendified offers an important source of funding for small businesses that ultimately helps drive economic growth and job creation in Canada. Their loan portfolio has demonstrated strong performance in a particularly challenging environment, which underpins the quality of Lendified's tech-enabled adjudication platform. We're excited to support Lendified's growth objectives, which will assist small businesses in securing much needed capital."
Jordan Kupinsky, Managing Partner at Windsor Private Capital added, "Windsor is pleased to support the balance sheet restructuring of Lendified and provide the Company with a new source of funding for its small business loan program. Small businesses are the engine of growth of the Canadian economy and often times are unable to source financing solutions. Lendified helps fill this gap. We have been pleased with the performance of the existing Lendified loan portfolio, especially through this challenging year with so many businesses impacted by the COVID-19 pandemic. We look forward to supporting the Company's and its clients' growth as the Canadian economy begins to recover."
ABOUT LENDIFIED HOLDINGS INC.
Lendified, a company located in Ontario, Canada, is a Canadian company operating a lending platform which provides working capital loans to small and medium-sized businesses across Canada.
For further information regarding Lendified, please contact:
John Gillberry, Chief Executive Officer and Director
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This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including whether the effects of the COVID-19 pandemic will be even more severe than it has been to date, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. The Company's ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
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