Business
GC-Global Capital Corp. and Advantagewon Inc. Enter into a Secured Credit Facility
Toronto, Ontario--(Newsfile Corp. - December 24, 2013) - GC-Global Capital Corp. (TSXV: GDE.A...
About this update from Fountain Asset Corp.
[{"type":"text","content":"GC-Global Capital Corp. and Advantagewon Inc. Enter into a Secured Credit FacilityToronto, Ontario--(Newsfile Corp. - December 24, 2013) - GC-Global Capital Corp. (TSXV: GDE.A) (\"Global Capital\") and Advantagewon Inc. (\"Advantagewon\") are pleased to announce the completion of a 15% secured credit facility for up to $2,000,000. The terms of the deal include a conversion feature for equity in Advantagewon Inc. The credit facility shall be used to expand Advantagewon's car repair lending program across the province. Operating since 2004, Advantagewon Inc. is a Canadian company focused on financing automotive repairs. It has developed a program that is user friendly for the credit facility while being simple and customer friendly for the car dealers and repair shops clients.All finance applications are done on-line through a 'dealer only' access portal, assuring security of information. Minimal information is required for a quick qualifying approval. This saves time while giving the customer the opportunity to consider the matter in a couple of minutes. Credit checks are not necessarily required. The vehicle value dictates the credit limit. With a little current personal information, a valid driver's license, insurance and ownership, Advantagewon's consumers can be on their way with no out of pocket expense and 30 days before their first payment. Advantagewon finances only the repair. They do not offer additional money or tie up credit worthiness by issuing 'lines of credit'. Their goal is to keep consumers vehicles moving and get them paid off as soon as possible. Thru its network of sales agents and service facilities, Advantagewon has created a network of dealers offering their repair financing services across the province. The qualifying garages in its network are represented by franchise chains, franchise auto dealers, or quality independent business people. The Repairers and Storage Liens Act secures the loans through an assignment from the automotive shop. The final loan application includes a signature from the dealer assigning the lien to Advantagewon and a signature from the client acknowledging the assignment and the lien. The repairer's lien moves immediately to first position regardless of any other lien, and is effective even if the vehicle is leased.\"Advantagewon has an experienced management team with extensive ...