Local.com (LOCM) Secures $10M Credit Facility from Square 1 Bank
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Local.com Corporation (NASDAQ: LOCM) today announced that the company has secured a $10 million revolving credit facility from Square 1 Bank.
The facility will primarily be used for expansion of the company via potential acquisitions, and to fund strategic growth initiatives.
"We're pleased to develop our relationship with Square 1 Bank, a respected financial institution," said Brenda Agius, Local.com CFO. "This facility provides us with additional resources to support our growth objectives without diluting Local.com shareholders."
"We were immediately drawn to the entrepreneurial spirit of Local.com executives, and are impressed by the company's growth and prospects," said Susan G. Casey, COO of Square 1 Bank. "We're delighted to add Local.com to the roster of pioneering companies banking with Square 1."
The facility from Square 1 Bank is secured by the company's assets.
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