Daily News: November 11, 2013

First Growth Capital Provides $3.5MM Facility to Apparel Distributor

First Growth Capital announced that it provided a $3.5 million working capital credit facility to a distributor of outdoor apparel. The facility is collateralized by the client’s account receivables and inventory.

The company was looking to refinance its current lender while working to realign its operations and business model.

“The company needed to find a new lender within a short time frame,” remarked Jay Atkins, president First Growth Capital. “We worked hard with the company management to work out a deal that would meet their needs and close within 60 days.”