First Capital Closes $8.5MM ABL With Outdoor Sign Manufacturer
First Capital provided an $8.5 million asset-based senior credit facility to a manufacturer of outdoor and specialty signs. The facility is collateralized by accounts receivable and inventory. Proceeds will be used for working capital needs.
First Capital provides working capital financing ranging from $2 million to $25 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 ABL facilities or factoring arrangements.
“The company has a very aggressive growth strategy but has not been able to capitalize on new opportunities due to limited working capital,” remarked Mark Pickering, VP and BDO in the ABL Eastern Region. “This new facility will allow the company to streamline their supply and distribution channels.”