First Capital announced it has provided a $7 million asset-based credit facility to Don Rose Oil Co. Inc, a distributor of oil, propane and gas. The senior credit facility consists of a working capital revolver secured by accounts receivable and inventory, and a term loan secured by machinery and equipment.

First Capital was selected by Don Rose Oil to provide the credit facility because of First Capital’s ability to create a flexible facility that would increase availability.  The proceeds will be used for working capital needs.

“The team at First Capital has been able to create a facility that will help us to accomplish our growth strategy,” stated Don Rose, CEO and President of Don Rose Oil. “The additional availability will put us in a position to increase our customer base and improve relations with our core vendors.”

This transaction was referred to David Braff by Michael Hom of Ventana Group, LLC and will be serviced by First Capital’s Western Region located in Los Angeles, California, and managed by ABL Western Region Manager Matthew Grimes. 

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.  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.