Access In Action - Wakefield School
Overview of Transaction:
- Founded in 1972, Wakefield School is an independent, college-preparatory school in The Plains, Virginia and is home to more than 300 students.
- Wakefield School began their financial relationship with Access National Bank in April 2018 to assist with the refinancing of their Fauquier County IDA (Industrial Development Authority) bonds, which authorizes the financing of land, building, and new capital equipment acquisition for certain businesses and nonprofits in the county.
Significance of Transaction:
- The refinancing of Wakefield School's IDA bonds plus the new debt structure helped increase cash flow.
- Wakefield School also transferred their checking and money market accounts to Access, realizing a cost savings of nearly 40 percent on overall banking costs.
- Access was able to provide Wakefield School with a banking package tailored to nonprofits for sustained, long-term growth and cash flow, allowing them to reinvest back into their students.
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