NEW YORK, NY and BOCA RATON, FL, April 5, 2011 – First Capital, a specialized commercial finance company, announced that it has provided a $6 million working capital line of credit to a distributor of high-end imported home furnishings and accessories. The credit facility is in the form of a factoring agreement and is collateralized by the clients’ account receivables and inventory.
Kevin McGarry, Executive Vice President and Northeast Region Manager, remarked, “The client was not able to execute upon its business plan the way it wanted to with its previous lender.” Mr. McGarry added, “First Capital was able to provide a unique, custom-fit credit facility in which to get the deal completed in accordance with the client’s timetable.”
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 $10 million to $100 million. Credit facilities are in the form of asset-based loans or factoring arrangements.
This transaction was originated by Benjamin Marzouk and will be serviced by First Capital’s Northeast Region, managed by Kevin McGarry located in New York City. For further information relating to this deal or working capital financing solutions in the Northeast region, please contact Mr. Marzouk or Mr. McGarry at 212-920-2800.
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.
Forward-Looking Information
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.