Daily News: February 27, 2012

First Growth Capital Provides $.75MM to Equipment Distributor


First Growth Capital, a division of First Capital, provided a $.75 million working capital credit facility to a distributor of industrial equipment. The facility is collateralized primarily by the clients’ account receivables. The credit facility provides working capital needed to support the company’s growth strategy and ongoing working capital requirements.

Jay Atkins, president of First Growth Capital and executive vice president of First Capital, remarked, “The company came to us looking for a new lender that could quickly create a credit facility that would meet their financing needs. Our team worked hard to create a package customized to get the company the maximum working capital.”

First Growth Capital provides working capital financing starting at $250,000 primarily to small and middle-market business owners with annual revenue of at least $1 million.