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First Capital Provides $7MM Credit Facility to Produce Wholesaler

November 19, 2013, 07:47 AM

First Capital, a national commercial finance company, announced it has provided a $7 million asset-based credit facility to a produce wholesaler of vegetables for domestic and foreign markets. The senior credit facility consists of a working capital revolver secured by accounts receivable and inventory.

First Capital was selected by the management of the company to provide the credit facility because of its ability to create a flexible facility that provided more liquidity and close the deal within a short time frame.   The proceeds will be used for working capital needs.

David Braff, Vice President and Business Development Officer, stated, “The whole First Capital team pulled together to get this deal done.  Not only were we able to complete the deal within 30 days, but we were also able to maximize the company’s working capital that will help to reach its growth strategy.”

This transaction was sourced by David Braff and will be serviced by First Capital’s ABL Western Region located in Los Angeles, California and managed by ABL Western Region Manager Matthew Grimes. 

First Capital provides working capital financing ranging from $2 million to $20 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. 

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