FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


First Capital Provides $5MM Credit Facility to Nova USA Wood Products

March 13, 2014, 07:19 AM
Filed Under: Building Supplies

First Capital, a national commercial finance company, announced it has provided a $5 million asset-based credit facility to Nova USA Wood Products, LLC, a direct importer of high-quality hardwood flooring and decking products. The senior credit facility consists of a working capital revolver secured by accounts receivable and inventory.

First Capital was selected by the management of Nova Products to provide the credit facility because of First Capital’s ability to create a flexible facility that maximized the liquidity of the company’s assets. The proceeds will be used for working capital needs.

“We really appreciate the hard and persistent work by the whole team at First Capital,” stated Steve Getsiv, president of Nova Products. “Nova Products needed to establish a lending relationship that would allow us to continue realigning our operations and sales strategy to achieve our growth plan.”

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. Credit facilities are in the form of asset-based loans or factoring arrangements. This transaction was referred to Chris McKernan in First Capital’s Seattle, Washington office and will be serviced by First Capital’s ABL Western Region located in Los Angeles, California and managed by Matthew Grimes. 

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, Boynton Beach, Chicago, Dallas, Los Angeles, and Oklahoma City with regional sales offices located across the United States.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.