First Capital Provides $2.5 Million Credit Line to Help Remedies
First Capital announced that it has provided a $2.5 million working line of credit to Help Remedies, a distributor of innovative OTC pharmaceutical solutions. The credit facility is in the form of an asset-based lending arrangement 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 access to capital. The credit facility provides working capital needed to support the company’s growth strategy.
“First Capital was recommended as an asset-based lender that would be able to structure a financial package customized for us and our financing needs,” remarked Richard Fine, CEO of Help Remedies. “The final result was a credit facility that will support us through our current growth phase and will help us to execute our long-term growth strategy.”
“Help Remedies is a young company experiencing dramatic growth and needed a financing package tailored to the specific needs of the company,” said Calvin Navatto, vice president and business development officer for First Capital’s Northeast region. “As a privately owned non-bank provider of capital, we have more flexibility in structuring credit facilities that support the complex financing needs of our clients.”
This transaction was referred to Kevin McGarry, executive vice president and regional manager, by Ken Landis of Landis Capital, LLC, and will be serviced by First Capital’s Northeast region, located in New York City.
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.