First Capital Provides Facility to Fixtures Manufacturer
First Capital announced it has provided a $6.85 million credit facility revolving line of credit to a manufacturer of custom store fixtures for the grocery and specialty retail markets. The senior credit facility consists of a $6.5 million working capital revolver collateralized by accounts receivable and inventory and a term loan in the amount of $350,000.
First Capital said it was referred to the company by a local bank because of First Capital’s ability to quickly create a flexible facility. The company’s previous lender was unable to provide financing that would allow for future growth. First Capital provided a new loan facility and the referring bank was able to obtain the deposit and other banking relationships.
“This client is a great example of the kind of company that benefits from funding from First Capital,” remarked Harry Novak, senior vice president and regional business development manager of First Capital’s Chicago office. “The company has a strong history and the executive management has a solid plan for rebounding from the recession. With this new financing, we look forward to a long and productive relationship with the company and the referring bank has a new customer.”