Axis Auto Finance Inc. provided a shareholder update and announce the closing of a $6.25 million term loan with a Schedule 1 bank. $6.25 million term loan under the Canadian Government Business Credit Availability Program: Axis has closed on a $6.25 million term loan ("Loan") with a Canadian Schedule 1 bank ("Bank"). The Loan is backed by the Canadian Government under the Business Credit Availability Program ("BCAP"), specifically 80% of the principal of the Loan is guaranteed by Export Development Canada ("EDC"). The Loan bears interest at a rate of 4.00% per annum above the Bank's Prime Lending Rate. Axis will also pay an EDC Guarantee fee of 1.8% annually of the Loan amount. The initial term of the Loan is 12 months, but Axis may provide the Bank with a written request to extend the Loan maturity date by an additional 12 months no more than 90 days prior to the initial Loan maturity date. Under the terms of BCAP, the proceeds of the Loan may not be used to refinance existing debt obligations, for non-scheduled term debt repayment, any shareholder contributions, repayment of shareholder loans, stock buy-backs, executive bonuses or increase in executive compensation while any balance of the Loan is outstanding and the EDC Guarantee is in place.