FIRST CAPITAL PROVIDES $4.5 MILLION ASSET-BASED CREDIT FACILITY TO FOAM PACKAGING DESIGNER & MANUFACTURER
ATLANTA, GA. and BOCA RATON, FL, September 19, 2011 – First Capital, a specialized commercial finance company, announced that it has provided a $4.5 million asset-based lending working capital facility to a foam packaging designer and manufacturer. The credit facility consists of a $4 million revolver collateralized by accounts receivable and inventory. There is also a $0.5 million term loan on machinery and equipment.
In addition to refinancing the previous lender, proceeds will be used to support working capital requirements. First Capital was chosen to do the transaction because of its ability to provide the client with the flexibility it needed for higher growth as well as the speed needed to close the facility.
First Capital provides working capital financing ranging from $3 million to $20 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $100 million. Credit facilities are in the form of asset-based loans or factoring arrangements.
This transaction was referred to Mark Pickering and will be serviced by First Capital’s MidSouth Region managed by John Nooney and located in Atlanta. For further information relating to this deal or for working capital financing solutions in the MidSouth region, please contact Mr. Pickering or Mr. Nooney 678-594-5900.
About First Capital
First Capital is a specialized commercial finance company positioned to enable entrepreneurs to achieve their goals through working capital lines of credit typically ranging from $3-$20 million in the form of Asset Based Lending and Factoring. A team of approximately 200 professionals is committed to understanding our clients’ business plans and providing timely and consistent funding decisions. Our size and scope make First Capital the preferred working capital partner -- small enough to build deep personal relationships and big enough to deliver the ideal solutions. Our commitment is to build long-lasting, mutually-beneficial relationships with clients and their advisors. First Capital differentiates itself from competitors with a performance-based culture and values-driven focus that provides the foundation for our growth and will continue to guide our vision for the future. 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. For more information, please visit www.firstcapital.com.