First Capital Provides $8 Million Credit Facility to Bartash Printing, Inc.
Monday, August 08, 2011
Press release from the issuing company
PHILADELPHIA, PA, and BOCA RATON, FL, – First Capital, a specialized commercial finance company, announced that it has provided an $8 million asset-based lending facility to Bartash Printing, Inc., a commercial printer. The revolving line of credit facility is collateralized by accounts receivable and inventory.
First Capital was chosen as the preferred working capital lender because of its ability to customize a financing structure that worked for Bartash Printing in the transition from traditional bank lender to commercial lender. Loan proceeds will be used to support ongoing working capital requirements.
"Not only did Bartash need to obtain funding as their current lender was ceasing financing to large manufacturers, the company was also in the early stages of a substantial turnaround," remarked Leo Pound, President of Pound Consulting (www.poundconsulting.com) and working with Bartash during the company's turnaround. "First Capital was able to provide the maximum working capital and create a financing structure that a traditional bank lender could not. Bartash can now concentrate on its growth plan and on fulfilling the needs of recently acquired customers."
Kevin McGarry, Executive Vice President and Northeast Regional Manager for First Capital remarked, "First Capital has the capability to create flexible structuring and deliver financing solutions that are tailored to the needs of our clients. The flexible structuring of financial packages is an advantage First Capital has as a privately owned non-bank provider of capital."
This transaction was referred to Jason Carmona in First Capital's Western Region located in Los Angeles, by Brent Celestin, President of Fullcourt Advisors, LLC (www.fullcourtadvisors.com), a credit financing advisory services firm that helped represent the borrower in the underwriting process. The transaction will be serviced by First Capital's Northeast Region, managed by Kevin McGarry and located in New York City. For further information relating to this deal or for working capital financing solutions in the Northeast Region, call Mr. McGarry at 212-920-2800. For information regarding financing solutions in the Western Region, please contact Mr. Carmona at 213-412-1567.
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