First Capital Provides $4MM ABL to QVD USA
First Capital, a specialized commercial finance company, announced that it provided a $4 million asset-based lending facility to QVD USA, (d/b/a QVD Aquaculture), a sustainably raised seafood distributor. The senior credit facility consists of a $4 million working capital revolver collateralized by accounts receivable and inventory.
First Capital was selected as the working capital partner based on its ability to structure a financing solution that provided additional working capital for the company to achieve its growth strategy.
Chris McKernan, vice president and business development officer stated, “QVD Aquaculture has a great product that has been well-received in the market. The management team has worked hard to create a growth plan and we are happy to be part of their financing strategy.”
“First Capital was able to create a financing package we were unable to find elsewhere offering a financing structure which supports our short and long term growth plans,” stated Chris December, president/CEO of QVD Aquaculture. “The team at First Capital really took the time to understand our business model and take into consideration our business and specific seasonal needs to create the package that will work best for us.”