First Capital Provides $4MM to Meat, Poultry Distributor
First Capital announced it provided a $4 million working capital facility to a Northeast distributor of packaged meat and poultry to hotels, restaurants, specialty markets and gourmet grocers. The new credit facility consists of a revolving line of credit collateralized by accounts receivable and inventory.
First Capital was selected as the working capital partner based on its knowledge of the industry and its ability to create a financing solution that provided additional liquidity to facilitate growth. The company has capitalized on several new opportunities and required the necessary capital to carry out their growth strategy.
“The company is known as a preferred supplier of top quality meats and poultry throughout the region,” said Calvin Navatto, vice president and business development officer. “First Capital was able to work with the management to create a financing structure that allows the company to capitalize on current and future opportunities.”
First Capital provides working capital financing typically ranging from $2 million to $25 million primarily to small and middle-market entrepreneurs in the form of asset-based loans or factoring arrangements.