Cloud communications provider CoreDial announced that it had been granted a USD 1.5 million loan by Silicon Valley Bank. CoreDial said it would be using the senior debt facility to develop its platform and reach out to more clients.

The Blue Bell, Pennsylvania-based software firm said it had posted a growth of more than 50% for the second quarter this year. This was way ahead of the 17% growth of the cloud communications industry last year, CoreDial said.

CoreDial gives Managed Service Providers, Interconnects and Carriers a turnkey solution to transforming their business into cloud communication platforms. This allowed CoreDial partners to have recurring revenue streams.

CoreDial Chief Executive Officer Alan Rihm said the loan from Silicon Valley was a testament to their success and the power of their software. "We have good visibility into future revenues and strengthening market demand, and this credit facility provides us with additional resources with which to fulfill this outlook," he added.