Daily News: August 22, 2012

First Capital Adds $145 Million in Credit Commitments in H1/12

First Capital announced that it has provided over $145 million in new credit commitments during the first half of 2012. First Capital is on track to meet its goal of $300 million in new credit commitments this year.

“First Capital is on track to generate $300 million of new loan commitments this year. Our success confirms the market need for secured working capital loans to help entrepreneurs meet their goals. Expertise is the key to providing the structure and speed to get deals done,” said Lee Wilson, chairman and CEO of First Capital. “We are excited at the increase of growth situations that banks embrace after there’s a longer track record.”

First Capital closed 21 deals in the first half of 2012. Its team of lenders created custom packages for clients across industries including energy, manufacturing, apparel, food service, transportation, technology, construction and other business-to-business services.

Most recently, First Capital opened an office in Chicago to spearhead growth in the Midwest.

First Capital provides working capital revolving lines of credit from $2 million to $25 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of asset-based loans or factoring arrangements.