Boardwalktech Software Corp. announced that as of March 28, 2024, the Company has secured a three-year USD 4.0 million Line-of-Credit facility with Celtic Bank, for growth needs including expansion of its recurring revenue. The Company expects to use the proceeds of this LOC for sales and marketing expenditures, working capital requirements, and to enhance its balance sheet to drive new business.

Key terms of the LOC facility include: USD 4.0 million total facility, up to 60% of trailing 12-month ARR (annual recurring revenue), Interest-only period through the initial three-year term. The LOC may be extended by both parties, 12.5% initial interest rate, based on Prime (Wall Street Journal) plus 4%, Non-dilutive: No warrants, conversions, or Loan Bonuses included.