Access National Corp. in Reston, Va., said Wednesday that it rejected the Treasury Department's offer of $28 million in capital through the Small Business Lending Fund.
The company's chief executive, Michael Clarke, cited in a press release certain "complexities" in the program that no longer made it beneficial to their bank, Access National Bank. This included the bank being penalized for being the dominant Small Business Administration loan provider in the market had it taken the Treasury up on its July 19 offer, he stated.
The bank already grew commercial loans by 54% for the 12 months ended June 30.
Clarke further likened the SBLF program to the Troubled Asset Relief Program in that while the initial "political sound bite" was appealing, "the details are unattractive and potentially punitive for a company with the successful financial record."
The $713 million-asset Access also denied an offer for Tarp funds.