XS Financial Inc.XSFXSHLFa specialty finance firm providing CAPEX and equipment finance solutions to US cannabis companies reported in its third quarter financial results announced that it has completed an increased $39 million line of credit with Needham Bank.

Needham Bank offers a range of pioneering products and services that businesses and consumers use to manage their financial needs.

according to a press release, XS Financial increases commitment from $20 million to $35 million and remains as administrative agent. “The remaining $4 million is with an FDIC-insured bank participating in the credit facility,” the release said.

“We are excited to expand our partnership with Needham Bank as they build one of the leading banking platforms for the U.S. cannabis market,” said David Kivitz, CEO of XS Financial. “This enhanced credit facility provides XS Financial with significant financial resources to expand our market-leading portfolio of equipment leases.”

Credit Facility Terms

The credit facility expires in August 2024 and has a term of two (2) years from its original closing.

“Loans made under the Line of Credit will bear interest at an annual rate equal to the Wall Street Journal policy rate plus one percent (1.0%), with a floor of six percent (6%), and may be withdrawn without penalty prepaid at any time,” the press release said.

“We are thrilled to be able to provide XS Financial with the financing they need to grow their portfolio through this expanded credit facility. It has been a great experience working with her team to update this line of credit and I look forward to continuing to build our relationship with XS Financial,” said James Daley, SVP – Director of Structured Finance at Needham Bank.

Joseph Campanelli, Chairman, President and CEO of Needham Bank said, “This credit facility is a true testament to the ability of James and our lenders to understand a company’s unique needs and goals and tailor a solution to support them.”

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