First Capital, a national commercial finance company, announced it has provided a $20,000,000 revolving line of credit to Gulf Packaging, a national distributor of packaging supplies and equipment.
First Capital was referred to the company because of First Capital's ability to create a flexible financing structure to fund Gulf's corporate consolidation and sales growth. In addition to refinancing the previous lenders, proceeds were used to finance the consolidation of various affiliates that will allow Gulf to streamline operations and take advantage of larger market opportunities.
Harry R. Novak, senior vice president and regional business development manager for the Chicago market office stated, "Gulf Packaging is the type of company that can benefit significantly from the lending programs First Capital provides as a privately owned non-bank lender. We were able to provide Gulf Packaging more working capital to support them in achieving their growth strategy."
"The First Capital team worked overtime to create a financing facility with the size and flexibility for us to realign our business strategy," remarked Arman Sarkisian, CEO of Gulf Packaging, Inc. "With this new facility we will be able to service larger national customer programs and leverage our buying power."
First Capital provides working capital financing ranging from $2 million to $25 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of Asset-Based lines of credit.
