Daily News: April 25, 2014

First Growth Capital Provides $5.2MM in March Credit Facilities

First Growth Capital, a division of First Capital, announced it has provided $5.2 million in working capital credit facilities. The various facilities are collateralized by the client’s account receivables and inventory.

The companies include $1.2 million for a personnel investigation services company needing working capital to settle past tax delinquencies, $3 million for an electrical systems company looking to capture additional market opportunities and $1 million for a work safety equipment company looking for additional capital for seasonal needs.

“First Growth Capital is proving itself as an independent provider of receivables credit facilities for companies looking to use their receivables for operational obligations or to capture new business opportunities,” remarked Jay Atkins, president, First Growth Capital. “We have been able to work with companies to identify their needs and expand the internal controls and processes needed to maximize their working capital.”

First Growth Capital provides working capital facilities starting at $250,000 for small and middle-market business owners with annual revenue of at least $1.5 million all the way up to $100 million. Credit facilities are in the form of recourse factoring and non-traditional asset-based lending arrangements.

First Growth Capital provides client services and business development from its location in Boynton Beach, FL, managed by Jay Atkins, President of First Growth Capital, with an additional regional sales office in Phoenix.