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First Capital Provides $5MM Credit Facility to Bushman Organic Farms

April 29, 2014, 07:53 AM
Filed Under: Agriculture

First Capital announced it has provided a $5 million asset-based credit facility to Bushman Organic Farms, Inc., a producer of organic soy meal and related products primarily for sale to the organic poultry industry. The senior credit facility consists of a working capital revolver secured by accounts receivable and inventory.

First Capital was selected by Bushman Organic Farms to provide the credit facility because of First Capital’s ability to create a flexible facility that would increase availability. The proceeds will be used to refinance the previous lender as well as provide for working capital needs.

“By working with an independent lender, we were able to receive the creative structuring that best fit our company and was tailored to our specific needs,” stated Duane Bushman, CEO and founder of Bushman Organic Farms. “The additional availability will put us in a position to streamline our operations and achieve our growth strategy.”

First Capital provides working capital financing ranging from $4 million to $25 million primarily to growing 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 sourced by Mark Orlando and will be serviced by First Capital’s Western Region located in Los Angeles, California, and managed by ABL Western Region Manager 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.

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