Snipp Secures $2 Million Credit Facility From Bridge Bank

Snipp Interactive Inc (TSXV:SPN), a global provider of digital marketing promotions, rebates and loyalty solutions announced that it has entered into a new $2 million credit facility with Bridge Bank.

The company said that the credit facility is an accounts receivable line of credit for up to $2 million and provides Snipp with additional working capital. The company has its headquarters in Tornoto, Canada with offices located in various parts of the world. Its solutions include shopper marketing promotions, loyalty, rewards, rebates and data analytics.

As quoted in the press release:

“Adding a credit facility to our financial structure is another tangible sign of the growth of Snipp as a company and a vote of confidence in our future,” said Snipp CEO Atul Sabharwal. “Although we are debt free, we realize that access to additional funds will ensure our ability to maintain our growth without interruption. Financial flexibility has become particularly important as the size and volume of our contracts continues to increase.”

“Bridge Bank is pleased to bring on board Snipp as a client,” said Michael Calvello, vice president in Bridge Bank’s Capital Finance banking group. “We are excited about their growth potential, and look forward to providing them with flexible financial solutions as they continue to execute their strategic plan.”

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