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First Capital Provides $10MM Credit Facility To Key Industries

April 29, 2013, 07:16 AM
Filed Under: Manufacturing

First Capital provided a $10 million revolving line of credit to Key Industries, Inc., a manufacturer of quality work wear. The senior credit facility is collateralized by accounts receivable and inventory.

First Capital was selected as the working capital partner based on First Capital’s ability to create a flexible facility that would provide for seasonal working capital needs and streamline supply-chain operations. First Capital was able to refinance the previous lender and provide additional availability.

“The First Capital team was responsive to learn our company’s operations and growth plan” remarked Chris Barnes, CEO and president of Key Industries, Inc. “Key Industries had felt the effects of the recession through our clients’ industries and needed a lender that would take the time to understand our situation and have confidence in our future success.”

“We are happy to partner with a company such as Key Industries that has a long and successful history in its market,” remarked Michel Lynch, vice president of Business Development in First Capital’s Minneapolis office. “We are confident in their business plan and are pleased as a non-bank lender to offer the type of financing they would not find from another lender.”

This transaction will be serviced by First Capital’s ABL Central Region managed by John Curtis, EVP and ABL Central Region manager.

First Capital provides working capital financing typically ranging from $2 million to $25 million primarily to small and middle-market entrepreneurs with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of asset-based loans or fFactoring arrangements.

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