Daily News: July 16, 2014

First Growth Closes $5.5MM in May-June Facilities

First Growth Capital announced it provided $5.5 million in working capital credit facilities during the months of May-June. The facilities are collateralized by the client’s A/R and inventory.

The facilities included $3 million for an oil and energy consulting company needing additional availability for anticipated growth, $2 million for a start-up cellular site maintenance company and $500,000 for an oil site solutions company looking for additional availability at a lower cost.

“We have been working with a number of clients in different stages in their company’s growth cycle from start-up and acquisition to high growth and liquidity management,” remarked Jay Atkins, president of First Growth Capital. “2014 is shaping up to be an exciting year for First Growth Capital in terms of the number and diversity of clients we are working with and will make us a stronger provider of receivable credit facilities.”