Daily News: October 13, 2014

Access Capital Closes $1MM Facility for CA IT Firm

Access Capital has closed a $1 million credit facility comprised of a revolver of $750,000 against accounts receivable and a term loan of $250,000. The new borrower is a California-based company that provides technical and IT staff augment solutions.

The company was founded a decade ago by a trio of friends who each saw a great deal of growth and potential in the staffing industry. Access Capital was able to replace the company’s existing bank line of credit as well as extend a term loan to facilitate an expansion in overhead which the company could not obtain from its former lender.