WidePoint entered into a loan and security agreement with Access National Bank consisting of a $5 million working capital line of credit through April 30, 2018. The revolver replaces the company’s prior facility with Cardinal Bank.

The available amount under the working capital line of credit is subject to a borrowing base, which is equal to the lesser of $5 million or 70% of the net unpaid balance of the company’s eligible accounts receivable. The interest rate for the working capital line of credit is the Wall Street Journal prime rate plus 1.0%. The facility is secured by a first lien security interest on all of the company’s personal property, including its accounts receivable, general intangibles, inventory and equipment.

WidePoint is a provider of managed mobility services, telecom lifecycle management and cybersecurity solutions.