First Capital announced it has provided a $12 million working capital facility to a manufacturer of building materials for the residential and commercial construction industry. The new credit facility consists of a revolving line of credit collateralized by accounts receivable.
First Capital was selected as the working capital partner based on its ability to create a financing solution that was tailored to the company’s working capital needs and could grow as the company expanded. The company is working on a growth strategy to take advantage of the rebound from the recession in the construction and housing industry that created a challenge for many material suppliers.
First Capital provides working capital financing typically ranging from $2 million to $25 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $250 million.
This transaction was referred to Chris Collins and will be serviced by First Capital’s Eastern ABL region.