First Capital Announces $100 Million Of New Credit Lines Originated In 2014

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May 22, 2014, 09:00 ET

NEW YORK, May 22, 2014 /PRNewswire/ -- First Capital, a commercial finance company with a national presence, announced it has originated 14 deals with $100 million of new credit lines in 2014. Working capital lines of credit were extended to small and medium-sized businesses in distribution, food & beverage, professional services and oil & gas industries.

Facilities are in the form of asset-based loans and working capital credit facilities secured by trade accounts receivable and inventory and are designed for clients in turnaround, fast growth and merger and acquisition situations. Deals were originated by market offices in LA, Atlanta, NY, Chicago, and Oklahoma City. First Growth Capital, the national recourse factoring division of First Capital, was also an important source of originations during this period.

"First Capital is off to a great start for 2014 and has a robust pipeline of opportunities with companies in need of working capital," remarked Lee Wilson, CEO of First Capital.

Gerard Hanabergh, SEVP and Chief Credit Officer, stated "We are seeing a flow of financing opportunities from all of our market offices across the country and from a wide variety of industries. Banks, PEG's, consultants and advisors are sending us deals because they know we can structure and fund deals quickly to provide the liquidity their client and portfolio companies need."

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.

About First Capital

First Capital provides customized and timely working capital financing solutions primarily to small and middle-market companies engaged mainly in manufacturing, distributing and business services with annual sales greater than $10 million. Lines of credit are in the form of Asset-Based Loans, Factoring or Invoice Purchasing arrangements ranging from $200,000 to $25 million. Originally formed in 1988, First Capital is one of the largest independent asset-based working capital lenders in the country. Headquartered in New York City, the firm has additional offices in Atlanta, Los Angeles, Chicago, Boynton Beach, Dallas, and Oklahoma City with regional sales offices located across the United States. For more information, please visit the website at www.firstcapital.com and follow us on LinkedIn.