NEW YORK--()--First Capital, a national commercial finance company, announced it has provided a $13,000,000 Accounts Receivable Purchase Facility to the US subsidiary of a global manufacturer of specialty chemicals. The facility is in the form of a non-notification factoring agreement and is collateralized by a dedicated pool of the client’s accounts receivable.
“The company required a unique financing and creative structure that would provide liquidity under a True Sale arrangement”
First Capital was referred to the company by a European based finance company because of First Capital’s ability to quickly develop a structure for the client’s U.S. based accounts receivable that complimented their European based facility. The facility provided the client, a global manufacturer of specialty chemicals, with liquidity to fund strategic initiatives.
“The company required a unique financing and creative structure that would provide liquidity under a True Sale arrangement,” remarked Kevin McGarry, Executive Vice President and National Factoring Division Manager. “We worked collaboratively with a European based lender to seamlessly provide a global solution for the client to support of their strategic objectives.”
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 Factoring and Asset-Based lines of credit.
This transaction was referred to Kevin McGarry and will be serviced by First Capital’s Factoring Eastern Region managed by Mr. McGarry. For further information relating to this deal or interest in other financing provided by First Capital’s Factoring Division, please contact Mr. McGarry at 212-920-2800.
About First Capital
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 or Factoring arrangements. First Capital is one of the largest independent Asset-Based working capital lenders in the United States. Headquartered in New York City, the firm has additional full-service offices in Atlanta, Boynton Beach, Ft. Lauderdale, Los Angeles, and Oklahoma City with other sales offices located across the United States. For more information, please visit www.firstcapital.com.