Access In Action - Information Technology Company
Overview of Transaction:
- 30-year old Information Technology company owned 100% by employees through an Employee Stock Ownership Plan (ESOP).
- The company had accumulated debt from an acquisition and from a stock purchase taking the ESOP to 100% ownership of the business.
Significance of Transaction:
- Access National Bank provided a $5 million A/R line of credit and a $5 million SBA loan to pay-off mezzanine debt.
- Access National Bank’s best-in-class expertise in using SBA guaranteed loans to fund ESOP transactions, including refinancing.