First Growth Capital, a division of First Capital, announced today that it has provided a $3.5 million working capital credit facility to a distributor of outdoor apparel.  The facility is collateralized by the client’s account receivables and inventory.  The company was looking to refinance its current lender while working to realign its operations and business model.

“The company needed to find a new lender within a short timeframe,” remarked Jay Atkins, President First Growth Capital. “We worked hard with the company management to work out a deal that would meet their needs and close within 60 days.”

First Growth Capital provides working capital financing starting at $250,000 primarily to small and middle-market business owners with annual revenue of at least $1,000,000.  Credit facilities are in the form of recourse factoring and non-traditional asset-based lending arrangements.