Daily News: September 19, 2012

First Capital Provides $4MM Facility to Global Granite & Marble


First Capital announced it has provided a $4 million revolving line of credit to Global Granite & Marble, LLC, an importer and wholesale supplier of premium quality natural stone for commercial and residential building.

First Capital was referred to Global Granite because of First Capital’s ability to create tailored facilities that provide working capital on accounts receivable and various types of inventory.

“We are excited to work with the First Capital team on our new financing facility,” remarked Bob Ballard, CFO of Global Granite & Marble. “The whole team recognized the value and dedication to the business plan we’ve worked hard to create. They were able to maximize our working capital both for our current needs and for future growth.”

“Global Granite has the three characteristics First Capital looks for – quality of management, a plan going forward and evidence of improved financial results,” remarked Richard Lehrter, VP of Business Development of First Capital’s ABL Central region. “The executive management at Global Granite had already proven they were serious in restructuring the company in a time of economic downturn for the housing and construction industry by creating a business plan that includes the trimming and consolidation of overhead and launching a solid growth plan.”

This transaction will be serviced by First Capital’s ABL Central region managed by John Curtis, EVP and ABL Central region manager.

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.