LOS ANGELES, CA, and BOCA RATON, FL, June 28, 2012 – First Capital, a specialized commercial finance company, announced that it has provided a $5,500,000 Asset-Based credit facility to a distributor of consumer fruit products to retail outlets. The credit facility is in the form of an Asset-Based agreement and is collateralized by the client’s accounts receivable and inventory.
The company is experiencing high growth with sales results better than forecasted as a result of its innovative products, packaging and distribution model. First Capital was selected as the working capital partner based on its ability to customize a flexible package that would provide attractive financing options with additional availability to allow for further sales growth in the future.
Matt Grimes, Executive Vice President and First Capital Western Region ABL Manager stated, “The company’s management has impressed us with their business plan and ability to achieve the company’s growth plan. We looked at the way the fruit products were packaged and distributed and were happy to learn they have put their full support behind offering a quality product that can be delivered safely and attractively to the consumer.”
This transaction was sourced by Mr. Grimes and will be serviced by First Capital’s ABL Western Region located in Los Angeles, California and managed by Mr. Grimes. For further information relating to this deal or for working capital financing solutions in the Western Region, please contact Mr. Grimes at 213-412-1570.
About First Capital
First Capital provides working capital financing typically ranging from $2 million to $15 million primarily to small and middle-market entrepreneurs with annual sales ranging from $10 million to $250 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.