Daily News: February 8, 2012

First Growth Capital Provides $1 Million to Software Provider

First Growth Capital, a division of First Capital, announced that it has provided a $1 million working capital credit facility to a Mid-Atlantic software provider. The facility is collateralized by the client’s account receivables.

The company was looking for a new lender that would provide additional flexibility. The credit facility provides working capital needed to support ongoing working capital requirements.

Jay Atkins, president of First Growth Capital and executive vice president of First Capital, remarked, “As part of a larger commercial lender, First Growth’s clients and their advisors can benefit from our capacity and capability to do larger and more complicated deals than our competition.”

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.