Noble Iron announced a $4 million loan facility, of which $3.7 million has been committed to fund working capital and growth initiatives. The loan, effective June 3, has a term of one year, with the company’s option to extend for an additional six months. The loan is secured by the assets of Texada Software, the company’s wholly owned software subsidiary. Other terms include an annual interest rate of 15 percent, paid quarterly, with no principal payments due until the loan matures. Related parties participated for $2.6 million of the proceeds.
The additional financing will support the rollout of new software applications such as Fleet Logic and Insight to further empower owners and users of construction equipment.