First Capital Announces Over $60 Million Of New Credit Lines Originated In Q3 2014
NEW YORK, Oct. 29, 2014 /PRNewswire/ -- First Capital, a commercial finance company with a national presence, announced it has originated 12 deals with $62 million of new credit lines in Q3 2014 bringing the year's total to $180 million. Working capital lines of credit were extended to small and medium-sized businesses in distribution, food & beverage, professional services, telecommunication, manufacturing, and oil & gas industries. Deals were referred by private equity groups, turnaround consultants, regional banks and other asset-based lenders.
"First Capital achieved strong Q3 origination results in a very competitive market. For 2014 year to date, we are proud to have provided 30 companies with the timely and flexible financing they need to achieve success," remarked Lee Wilson, Chairman and CEO of First Capital.
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 as well as by First Growth Capital, the national recourse factoring division of First Capital.
Gerard Hanabergh, SEVP and Chief Credit Officer, stated, "Our experience enables us to respond to the unique requirements of companies in transition. During Q3, we worked closely with 12 companies to deliver on their need for liquidity and win their business."
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.
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SOURCE First Capital
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