Daily News: January 24, 2018

Access Provides $3MM to Advance Convergence


Access Capital provided a $3 million facility for Advance Convergence Group (ACG), a New York-based security and technology company.

The company develops security software, installs security systems and provides the technology to help create STEM labs in classrooms.

Although historically a self-funded venture, ACG partnered with an investment firm as the beginning of a strategy to focus on research and development and growth efforts. The SBIC investment firm began to incur its own financial difficulties which led to the SBA taking over its portfolio and ACG repurchasing the investment firm’s equity position.

A client subsequently introduced ACG to Access Capital. Access Capital’s underwriting team then worked with ACG to provide a stable financing option in light of the repurchase and structured the facility to account for anticipated increases in project flow.

“While shopping for an asset-based lender to provide additional capital resources to ACG, Access Capital was the most thorough in understanding the unique needs of our business. Their methodical diligence process translated into a competitive loan structure, providing both lower borrowing cost and greater flexibility for management to effectively run the business,” said David Antar, president of ACG.