First Capital Books Over $85MM in New Q1/12 Commitments
First Capital provided over $85 million in new credit commitments during the first quarter of 2012. Over $300 million of new credit commitments are planned for this year.
“The success of First Capital’s first quarter of 2012 has shown the value of First Capital’s business model in the market. We are able to provide funding to businesses where small finance companies don’t have the capacity and regulated banks don’t have the speed and flexibility,” said Lee Wilson, chairman and CEO of First Capital.
First Capital closed 13 deals in the first quarter of 2012, ranging from $1.5 million to $15 million across various industries throughout the United States including energy, manufacturing, apparel, food service, transportation and other business-to-business services. Some of the event-driven challenges of these companies included high growth or restructuring and turnaround situations.
First Capital provides working capital financing from $3 million to $15 million primarily to small- and middle-market business owners with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of asset-based loans or factoring arrangements.