First Business Capital recently closed and funded two asset-based lending deals totaling $11.8 million.
According to Mike Colloton, vice president and business development officer for First Business Capital, the first transaction involved the closing and funding of a turnaround financing deal, which included a $5.72 million revolving line of credit facility and real estate term loan for a distributor of electric motors in Illinois.
According to Michael Doyle, vice president and business development officer for First Business Capital, the second transaction involved the closing and funding of a refinance deal, which included a $6.08 million revolving line of credit facility, equipment term loan and real estate term loan for a manufacturer of coaxial cables in Mississippi.
First Business Capital is a bank-owned specialty lender providing asset-based loans to privately held businesses with sales from $10 million to more than $100 million and financing requirements of up to $12 million.
