Valley National Bank, the wholly-owned subsidiary of Valley National Bancorp (NASDAQ:VLY), announces the closing of a $130 million senior revolving credit facility to Access Capital, Inc. a commercial lender to the staffing industry. The three year facility includes a $30 million accordion feature to upsize as the Company grows. Valley is the Administrative Agent, Sole Lead Arranger, and Sole Bookrunner for the deal. Valley Specialty Finance offers a variety of products and services including working capital lines of credit, in-house trade finance, cash management, and syndications.
“As a leading independent lender to the staffing industry, Access Capital provides its clients with working capital so they can continue to grow their businesses,” said Douglas Meyer, First Senior Vice President, National Head of Specialty Finance, Valley Bank. “Valley’s ability to leverage our specialized expertise in the lender finance arena allowed us to provide a thoughtful and well-structured solution affording Access the confidence to support not only it’s existing client base but ample runway for future growth,” he added.
Access Capital provides working capital including revolving lines of credit for staffing companies for use as payroll funding & corporate purposes, in a wide range of industries including Temporary Staffing and Human Capital Management, IT Consulting, among others.
“This financing facility is a very important part of our strategic growth initiatives. We are very pleased to have worked with the team from Valley and our other existing banking partners to further solidify the funding of our portfolio growth. They worked hard to craft a facility that meets our needs for now and the future," said Terry Keating, CEO, Access Capital.
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with nearly $62 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.
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