Access Capital closed a new facility for $1 million with a New Jersey-based IT staffing company. The company provides a full suite of IT services to clients in media, publishing, telecommunications and financial services.
The borrower is a former client of Access Capital who left after securing a bank line. Two years into this relationship, the borrower was experiencing restrictions from the bank, primarily with respect to the bank’s unwillingness to raise the borrower’s line in spite of revenue and earnings growth. The company returned to Access Capital.
Access Capital provides asset-based lending, advisory services and acquisition financing to clients.