First Capital announced that it provided a $13.5 million asset-based senior credit facility to a distributor of automotive accessories. The facility is collateralized by accounts receivable and inventory.
“The company has a very strong customer base that includes large retail distribution channels and as such, they needed to find a lender that would be able to create a facility that allowed extended dating terms,” remarked Jim Perrotta, vice president and business development officer in the ABL Eastern Region. “As an independent lender, First Capital has the ability to create flexible terms not found through traditional regulated lending channels.”
First Capital provides working capital financing 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. Credit facilities are in the form of asset-based loans or factoring arrangements.