February 4, 2008 — (WEB HOST INDUSTRY REVIEW) — IT infrastructure provider iWeb Group (iweb8.com) announced on Monday it has increased its existing lending facility with the Bank of Montreal (bmo.com).
The term loans facility has been increased from $1.5 million to $2.5 million, giving iWeb an additional $1 million of total credit with the BMO.
iWeb says it plans to use this loan facility to fund servers to be integrated in phase three of installing the company’s second data center. This investment in servers and other necessary IT infrastructure will continue expanding iWeb’s dedicated hosting service offering.
The facility is available in term loans with interest at the bank’s prime lending rate plus 2.5 percent, and is payable in monthly installments over a period of three years, says the company.
The company announced in November it launched a new dedicated server clearance warehouse.
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