First Capital Provides $10MM Revolver to Key Industries
First Capital provided a $10 million revolving line of credit to Key Industries, a manufacturer of work wear. The senior credit facility is collateralized by accounts receivable and inventory.
First Capital was selected as the working capital partner based on First Capital’s ability to create a flexible facility that would provide for seasonal working capital needs and streamline supply-chain operations. First Capital was able to refinance the previous lender and provide additional availability.
“The First Capital team was responsive to learn our company’s operations and growth plan,” remarked Chris Barnes, CEO and president of Key Industries. “Key Industries had felt the effects of the recession through our clients’ industries and needed a lender that would take the time to understand our situation and have confidence in our future success.”
“We are happy to partner with a company such as Key Industries that has a long and successful history in its market,” Michel Lynch, VP of Business Development in First Capital’s Minneapolis office, said. “We are confident in their business plan and are pleased as a non-bank lender to offer the type of financing they would not find from another lender.”