Daily News: June 18, 2013

First Growth Provides Facility to Parts Distributor

First Growth Capital said it has provided a $4 million working capital credit facility to a distributor of parts for the material handling industry. The facility is collateralized by the client’s account receivables and inventory. The company was looking for a new lender that would provide additional working capital to support growth.

“The company needed a working capital package that could refinance its existing lender as well as provide the availability for future growth,” remarked Jay Atkins, president First Growth Capital “Along with providing a flexible package, we were also able to tailor the facility to include inventory financing.”

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.