Deal will support further the securitization of Financeit’s consumer financing loans
Financeit, a market-leading point-of-sale financing platform, announced that it has signed a significant extension of its credit facility agreement with ClearFlow Commercial Finance Inc. This agreement provides further stability, adds additional capital to Financeit’s lending capacity and will support the securing of loans through its new and existing lenders.
ClearFlow, an innovative provider of cash flow to Canadian businesses, will provide an extended revolving credit facility of up to $15 million and a three–year term facility of $20 million to Financeit. As Financeit continues to expand its merchant partner base, the deal will help the company extend its product offerings and fund its loan volume growth even further.
“We have been working closely with ClearFlow for over a year and we are delighted that they are demonstrating their confidence in our business by taking this important step in the evolution of our partnership, to provide us with additional stability and capacity to continue to grow,” says Michael Garrity, Founder and CEO, Financeit. “We are confident this relationship will continue to be beneficial for both companies.”
“We are pleased to extend funding in support of Financeit’s continued growth and expansion of its services,” said Randy Rutherford, Co-Founder and COO, ClearFlow. “Financeit has proven to consistently bring great value to its customers and ClearFlow appreciates our strong business partnership.”