Software maker Pacel said Tuesday that it closed a loan for up to $3 million with a private fund. The fund will hold 30,000,000 shares of Pacel in an escrow account as collateral and charge the Manassas, Va.-based company an interest rate of 2 percent. Pacel currently has 38,000,000 shares issued and outstanding. The shares will be held in the escrow account for three years until the loan is repaid. The company also secured a $5 million line of credit last January from Dutchess Private Equities Fund and PLJ. Pacel makes Internet and computer security software for individuals and businesses.
The company said it a statement that the loan allows it to continue on its growth-by-acquisition strategy.