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First Capital Provides $7MM to Pet Food Packaging Manufacturer

May 14, 2013, 07:36 AM
Filed Under: Manufacturing
Related: First Capital

First Capital, a specialized commercial finance company, announced it has provided a $7 million working capital facility to a manufacturer of pet food packaging. The senior credit facility consists of a $6 million working capital revolver collateralized by accounts receivable and inventory, and a term loan in the amount of $1 million.

First Capital was selected as the working capital partner based on its ability to quickly close the deal and also create a financing solution that would meet the company’s on-going working capital needs.  The company is in the process of rebounding from operating losses and needed to find a lender that understood its turnaround plan.

“The company was under pressure to find a new lender within a short time frame,” stated Nick McDearis, Business Development Officer.  “First Capital was able to issue a proposal and close the loan in 60 days.”

This transaction was referred to Nick McDearis and will be serviced by First Capital’s ABL Eastern Region. 

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 Factoring arrangements.

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