First Capital Originates Over $225 Million Of Credit Lines In 2013
NEW YORK, March 4, 2014 /PRNewswire/ -- First Capital, a commercial finance company with a national presence, announced it originated 31 deals with over $225 million of new credit lines in 2013. New client relationships were established in key market across the U.S. First Capital has market offices in New York, Los Angeles, Atlanta, Chicago, Boynton Beach, Oklahoma City, and other key cities with strong growth in all markets. Working capital lines of credit were extended to small and medium sized businesses in the form of asset-based loans and factoring agreements secured by trade accounts receivable and inventory as well as equipment and machinery. This financing is designed for clients in turnaround, fast growth and merger and acquisition situations.
First Capital's clients are generally manufacturers, wholesalers and distributors or service providers to other businesses in a number of industries including energy, food & beverage, staffing, apparel/textiles, information technology, transportation, printing & packaging, and housing & construction. 2013 lines of credit ranged from $3-$20 million with an average facility close to $9 million.
"First Capital demonstrated solid origination growth in 2013 in a very competitive year for our industry," remarked Lee Wilson, CEO and President of First Capital. "Our highly experienced team continues to win deals in each of our markets."
"We deliver a combination of extensive commercial finance experience, deep industry knowledge and speed to close to help companies achieve success and growth," stated Gerard M. Hanabergh, Chief Credit Officer. "Our ability to offer access to key decision makers allows First Capital to quickly approve credit decisions and provide commitments to prospects at critical junctures in their business."
With over 170 employees, First Capital manages approximately over $1 billion of credit lines and is well-funded with a mix of bank facilities, securitizations, and equity. "Our clients know they can draw what they need, when they need it," remarked Glen Stein, Chief Financial Officer.
About First Capital
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 or Factoring facilities 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 Los Angeles, Atlanta, Chicago, Boynton Beach, and Oklahoma City with regional sales offices located across the United States. For more information, please visit the website at www.firstcapital.com and follow us on LinkedIn.
SOURCE First Capital