First Capital Provides $5MM Nova USA Wood ABL
First Capital announced it provided a $5 million asset-based credit facility to Nova USA Wood Products. The senior credit facility consists of a working capital revolver secured by accounts receivable and inventory.
First Capital was selected by the management of Nova Products to provide the credit facility because of First Capital’s ability to create a flexible facility that maximized the liquidity of the company’s assets. Proceeds will be used for working capital needs.
“We really appreciate the hard and persistent work by the whole team at First Capital,” stated Steve Getsiv, president of Nova Products. “Nova Products needed to establish a lending relationship that would allow us to continue realigning our operations and sales strategy to achieve our growth plan.”
This transaction was referred to Chris McKernan in First Capital’s Seattle office and will be serviced by First Capital’s ABL Western Region located in Los Angeles and managed by Matthew Grimes.