LOS ANGELES and WEST PALM BEACH, Fla. - (Business Wire) First Capital, a leading financial services firm, announced that it provided a $22,000,000 asset-based financing facility to Equipment Management Technology (
“EMT
”). EMT, a veteran-owned company, leases and rents electronic testing and measurement equipment to aerospace and defense contractors. The line of credit is backed by lease receivables and rental equipment.
Vito A. Longo, President of EMT, commented, “After our exiting lender, a community bank located in California, fell victim to the credit crisis and increased regulatory pressures, EMT was forced to explore alternate lenders. We found that many regional banks were unable to enter into a secured credit facility in the required amount, but we were pleased that First Capital could provide the necessary credit facility in a timely manner, allowing EMT to grow its business.”
Tim Rafanello, Executive Vice President and Regional Manager of the Los Angeles office stated, “When EMT came to FCC looking for a lender to support its growing lease and rental business, we were really impressed by Mr. Longo’s knowledge and experience managing his company’s growing pool of specialized electronic test equipment for the aerospace industry. First Capital is a leader in financing specialty finance companies, and EMT’s combination of cash flow and collateral made it an ideal fit for us.”
David LeGrand, a director with the law firm Fennemore Craig, P.C, EMT’s legal counsel, remarked, “Our firm was pleased to facilitate the loan transaction, and we were impressed by the timely and professional response from both First Capital and its legal team.”
This senior secured credit facility was completed and will be serviced by First Capital’s regional office located in Los Angeles, California.
About First Capital
First Capital (www.FirstCapital.com) is a leading commercial financial services firm providing prompt, professional and reliable working capital solutions and outsourcing, primarily for middle-market companies and institutions. With over $1 billion in total committed lines, First Capital is one of the largest independent and fastest-growing commercial finance companies in the United States. The firm focuses on asset-based lending, accounts receivable management, credit protection, international supply chain financing and servicing for clients in North America and Asia. The firm also manages asset portfolios for clients and is an active issuer of receivables-backed securities. Combining a unique blend of traditional and progressive banking methods, First Capital provides clients with customized support needed to grow and maintain their business. Based out of West Palm Beach, Florida, the firm has full-service offices in major cities including New York, Los Angeles, Ft. Lauderdale, Oklahoma City and Atlanta as well as Asian subsidiaries in Hong Kong and Manila.
Media:
Linden Alschuler & Kaplan
Suzanne Dawson, 212-329-1420
sdawson@lakpr.com
