First Capital Provides $6.5MM to Marketing, Sales Display Maker
First Capital announced that it has provided $6.5 million asset-based senior credit facility to a manufacturer and designer of stock and customized displays for the food and beverage market. The senior credit facility consists of a $5 million working capital revolver collateralized by accounts receivable and inventory, and a term loan in the amount of $1.5 million collateralized by machinery and equipment.
The company faced financial and operational hurdles due to the economic recession and significant damage to its manufacturing facility caused by a storm in 2008. As a result, the company needed to restructure its financing facilities in order to purchase the necessary resources to facilitate new sales growth. First Capital was selected as the working capital partner based on its ability to create a flexible structure that would replace previous financing commitments and allow the company to capitalize on market opportunities.
This transaction was sourced by Mark Pickering and will be serviced by First Capital’s Eastern region, managed by John Nooney and located in Atlanta, GA.
First Capital provides working capital financing ranging from $2 million to $15 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $250 million.