CEMATRIX entered into an agreement with the Business Development Bank of Canada which will provide the company with $500,000 of equipment financing.

The BDC equipment financing can be drawn down anytime over the next 24 months. The interest, which is payable monthly, is at a variable rate of 1.85% above the BDC floating base rate, currently set at 4.70%. At the company’s option the interest rate can be fixed once the loan is fully drawn. The loan is repayable over six years, with payments to commence 24 months from the date of the loan.

The BDC financing is secured through existing security over the company’s current owned equipment and property as well as existing guarantees and security provided by CEMATRIX and certain subsidiaries of the company.

CEMATRIX manufactures and supplies technologically advanced cellular concrete products developed from proprietary formulations.

“The cellular concrete market in North America continues to grow and CEMATRIX continues to put itself in a better position to be able to facilitate this growth. This new loan through the BDC will allow us the build new equipment to support this growth,” said Jeff Kendrick, CEMATRIX president and CEO.