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First Capital Provides $5.8MM Credit Facility to Prototype Productions

April 15, 2014, 07:54 AM
Filed Under: Manufacturing

First Capital, a national commercial finance company, announced it has provided a $5.8 million asset-based credit facility to Prototype Productions, Inc., a manufacturer of precision metal products and electronic equipment and provider of aerospace and professional engineering services.

First Capital was selected by Prototype Productions to provide the credit facility because of First Capital’s ability to create a facility that would increase availability. 

“We have been fortunate to be able to increase the product offerings of PPI to include staffing and profession services,” stated Joe Travez, CEO and co-founder of Prototype Productions. “As our company has grown, so has our need for additional availability to pursue additional market opportunities.  We are happy to have found a lender that can create a flexible facility tailored to our needs and look forward to a long-term financing relationship with First Capital.”

This transaction was referred to Jason Carmona by Brent Celestin of Fullcourt Advisors, LLC, a credit financing advisory services firm that helped represent the borrower in the underwriting process. This transaction will be serviced by First Capital’s Western Region located in Los Angeles, California, and managed by ABL Western Region Manager Matthew Grimes. 

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 $1 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, Boynton Beach, Chicago, Dallas, Los Angeles, and Oklahoma City with regional sales offices located across the United States.

Since 1991, PPI has developed over 230 operational, market-ready products for its clients in a diverse range of technology sectors. An award-winning company, PPI is a leader in design, engineering, and manufacturing unique products for the Federal government as well as commercial sectors.

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