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First Capital Provides $4MM ABL Facility to IT Staffing Provider

October 15, 2014, 07:42 AM
Filed Under: Staffing Services

First Capital, a specialized commercial finance company, announced that it has provided a $4 million asset-based senior credit facility to a provider of IT staffing personnel.  The senior credit facility consists of a $4 million working capital revolver collateralized by accounts receivable.

The company needed to refinance its existing debt facilities to increase the company’s availability and allow for future anticipated growth. First Capital was able to quickly create a tailored financing facility that closed within the company’s tight deadlines and would allow for future flexibility.

First Capital provides working capital financing ranging from $2 million to $25 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, factoring orinvoice purchasing arrangements. 

This transaction was sourced by Nick McDearis and will be serviced by First Capital’s Eastern Region, managed by John Nooney and located in Atlanta, Georgia.

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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