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First Growth Capital Provides $1.5MM to Specialty Foods Distributor

February 06, 2014, 07:37 AM
Filed Under: Distribution

First Growth Capital, a division of First Capital, announced it has provided a $1.5 million working capital credit facility to a distributor of novelty candy and other specialty foods.  The facility is collateralized by the client’s account receivables and inventory.  The company was looking for a new lender that would provide additional working capital while the company completes its restructuring plans.

“The company was looking for a lender that could offer more working capital than its previous lender,” remarked Jay Atkins, President First Growth Capital. “We were able to create a facility that allowed for maximum working capital including using its inventory as collateral.”

First Growth Capital provides client services and business development from its location in Boynton Beach, Florida, managed by Jay Atkins, Executive Vice President and President of First Growth Capital, with a regional sales office in Phoenix. 

First Capital provides working capital financing typically ranging from $2 million to $25 million primarily to small and middle-market entrepreneurs with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of Asset-Based Loans, Factoring or Invoice Purchasing arrangements.

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