First Capital provides $8 million credit to Oil Field Services Provider
LOS ANGELES, CA: First Capital, a specialized commercial finance company, announced that it has provided an $8,000,000 asset-based lending facility to a service provider to the oil field services industry. The senior credit facility consists of an $8 million working capital revolver collateralized by accounts receivable. First Capital was selected as the working capital partner based on its ability to structure a financing solution that provided additional working capital for the company to achieve its growth strategy. Chris McKernan, Vice President and Business Development Officer said the company was looking for a lender that had experience in creating facilities designed specially for companies concentrated in the oil and energy sector. The growth and expansion of the oil and energy sector across the country is presenting new opportunities for companies that benefit from the lending programs First Capital provides as a privately owned non-bank debt provider.