IVFH - Innovative Food gets additional loan financing
2023-06-16 10:42:38 ET
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Innovative Food ( OTCQB:IVFH ) said Friday it has received approval from the U.S. Department of Agriculture’s Business & Industry program of an 80% loan guarantee on the company’s existing loans with MapleMark Bank.
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The USDA Guarantee enabled the refinancing of the company’s existing term loans with Maple Mark, extending the terms to 10 and 25 years respectively and provided IVFH access to additional commercial borrowing capacity.
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As a result, the company has reclassified $5.4 million of current liabilities to non-current liabilities.
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The company has also gained access to $1.3 million of additional infrastructure capital, added $1 million in additional revolver capacity, and increased its working capital by $2.4 million.
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Innovative Food gets additional loan financing