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First Capital Provides $7.8MM to Tapco Circuit Supply

October 21, 2014, 07:21 AM
Filed Under: Distribution

First Capital provided a $7.8 million revolving line of credit to Tapco Associates, Inc, dba Tapco Circuit Supply, a leading national supplier of materials and process solutions to the printed circuit industry. The senior credit facility consists of a $7 million working capital revolver secured by accounts receivable and inventory, and an $.8 million term loan secured by machinery and equipment.

First Capital was referred to the company by Promontory Point Capital because of First Capital’s ability to create a flexible loan structure to support Tapco’s strategic business plan. In addition to refinancing the previous lender, proceeds will be used for working capital needs and to capitalize on market opportunities.

Harry R. Novak, Senior Vice President and Regional Business Development Manager for the Chicago market office stated, “The flexibility Tapco needed was a good fit for the lending programs First Capital provides as a privately owned non-bank lender.  We were able to work with their management team to create a facility that will be able to grow as the company’s financing needs change.”

“We are proud to say Tapco has been a market leader for over 25 years,” remarked Kurt Palmer, CEO of Tapco Associates, Inc. “In order to continue our industry leadership, we needed to find a financing partner that was able to provide a loan structure with the flexibility to provide for our current financing needs and also for our future growth.”

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 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 $10 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.

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