First Capital Provides $7 Million Credit Facility to E.A.S. Company
BOCA RATON, FL, March 30, 2011 – First Capital, a specialized commercial finance company, announced that it has provided a $7 million asset-based facility or working capital line of credit to an electronic article surveillance (EAS) distributor. The facility is collateralized by the client’s account receivables and inventory.
Chris Collins, Vice President of Business Development in First Capital’s Southeast Region, stated, “First Capital was an integral component of the debt structure for the add-on acquisition led by the Private Equity Group and Mezzanine Lender. After an unsuccessful attempt with another lender, First Capital came in and dedicated the time and resources necessary to understand the collateral and acquisition opportunity.”
First Capital provides working capital financing ranging from $3 million to $15 million primarily to small and middle-market business owners with annual sales ranging from $5 million to $100 million. Credit facilities are in the form of asset-based loans or factoring arrangements.
This transaction was referred to Chris Collins by a national bank and will be serviced by First Capital’s Southeast Region managed by Ellen Schweitzer and located in Boca Raton, Florida. For further information relating to working capital financing solutions in the Southeast region, please contact Mr. Collins 561-623-1886.
About First Capital
First Capital is a specialized commercial finance company positioned to enable entrepreneurs to achieve their goals through working capital loans typically ranging from $3-$15 million in the form of Asset Based Lending and Factoring. Our commitment is to build long-lasting, mutually-beneficial relationships with clients and their advisors. Headquartered in Boca Raton, Florida, the firm has additional full-service offices in New York, Los Angeles, Atlanta and Oklahoma City with sales offices located across the United States.
This press release contains “forward-looking” statements. Forward-looking statements reflect current expectations and projections about future events, and thus involve uncertainty and risk. It is possible that future events, including whether the offering is completed on the terms specified or at all, may differ from expectations due to a variety of risks and other factors such as market conditions. It is not possible to foresee or identify all such factors. Any forward-looking statements in this press release are based on certain assumptions and analyses made in light of First Capital’s experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations. First Capital does not intend to update any particular forward-looking statements contained in this press release.