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First Growth Capital Closes $5.5MM in Recent Deals

July 16, 2014, 07:19 AM

First Growth Capital, a division of First Capital, announced it has provided $5.5 million in working capital credit facilities during the months of May-June. The various facilities are collateralized by the client’s account receivables and inventory.

The companies include $3 million for an oil and energy consulting company needing additional availability for anticipated growth, $2 million for a start-up cellular site maintenance company and $500,000 for an oil site solutions company looking for additional availability at a lower cost.

“We have been working with a number of clients in different stages in their company’s growth cycle from start-up and acquisition to high growth and liquidity management,” remarked Jay Atkins, President of First Growth Capital. “2014 is shaping up to be an exciting year for First Growth Capital in terms of the number and diversity of clients we are working with and will make us a stronger provider of receivable credit facilities.”

First Growth Capital provides working capital facilities starting at $250,000 for small and middle-market business owners with annual revenue of at least $1.5 million all the way up to $100 million. Credit facilities are in the form of recourse factoring and non-traditional asset-based lending arrangements. 

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

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.

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