Daily News: March 8, 2012

First Growth Capital Provides $1.5 Million to Manufacturer

First Growth Capital, a division of First Capital, announced that it has provided a $1.5 million working capital credit facility to a mid-Atlantic manufacturer of custom furniture.

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 while the company worked on restructuring its main location.

“The company needed a working capital package that could expand as business rebounded and grew,” remarked Jay Atkins, president of First Growth Capital and executive vice president of First Capital. “Along with providing a larger 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.