Daily News: February 6, 2012

First Growth Capital Provides $8 Million to Staffing Company


First Growth Capital, a division of First Capital, announced that it has provided an $8 million working capital credit facility to a Mid-Western staffing company. The facility is collateralized by the client’s account receivables. The company was looking for a new lender that would provide additional flexibility. The credit facility provides working capital needed to support ongoing working capital requirements.

Jay Atkins, president of First Growth Capital and executive vice president of First Capital, remarked, “The company was looking for a financing solution that would offer more liquidity to implement a strategic turnaround. Our team was able to create a customized credit facility that would advance the company and its many locations to achieve their strategic initiatives.”

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. Credit facilities are in the form of recourse factoring and non-traditional asset-based lending arrangements.