First Capital Provides $16 Million Working Capital Line of Credit to M.M.&R, Inc.
NEW YORK, NY and BOCA RATON, FL, October 3, 2011 – First Capital, a specialized commercial finance company, announced that it has provided a $16 million working line of credit to M.M. & R., an apparel distributor. The credit facility is in the form of a factoring agreement and is collateralized by the client’s account receivables and inventory.
First Capital was chosen to do the transaction because of its ability to quickly provide the client with a structuring solution that led to increased liquidity and eased supply-chain issues. The credit facility provides working capital needed to meet seasonal needs and support expansion plans as part of the company’s growth strategy.
“Everyone from First Capital who worked on our financing package was exceptional in their hands-on approach to understanding the needs of M.M. & R. and how to create a structure that maximized our working capital,” remarked Allan Miller, CEO of M.M. & R. “First Capital was able to create a Factoring facility complete with advantages and structuring we couldn’t find from a bank lender.”
“One of our strengths at First Capital is to work with companies to provide customized solutions to meet a client’s financing needs,” said Kevin McGarry, Executive Vice President and Northeast Regional Manager for First Capital. “As a privately owned non-bank provider of capital, we have more flexibility in structuring intricate and complex packages.”
This transaction was referred to Kevin McGarry and will be serviced by First Capital’s Northeast Region and located in New York City. For further information relating to this deal or for working capital financing solutions in the Northeast region, please contact Mr. McGarry at 212-920-2800.
About First Capital
First Capital provides working capital financing typically ranging from $3 million to $20 million primarily to small and middle-market entrepreneurs with annual sales ranging from $10 million to $100 million. Credit facilities are in the form of Asset-Based Loans or Factoring arrangements. First Capital is one of the largest independent Asset-Based working capital lenders in the United States. 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