First Capital announced that it has provided a $7 million asset-based senior credit facility to a manufacturer of stand-up paddleboards and surf accessories. The senior credit facility consists of a $7 million working capital revolver collateralized by accounts receivable and inventory.

The company needed to refinance its existing senior debt facilities to expand its borrowing capabilities to include flexible seasonal financing, extended terms and additional liquidity.

This transaction was sourced by Mark Pickering 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.