Austin, TX -July 20, 2010 – Far West Capital today announced that it has closed and funded 11 working capital credit facilities for various Texas-based companies in the second quarter of 2010, totaling $11 Million.
The recent turnaround in the economy found many companies growing again, but lacking adequate support from their existing bank credit facilities. Many of the companies stated that they also appreciated dealing directly with the decision maker, as opposed to a credit committee in a far off location.
“Because of the credit crisis, many banks changed their rules for extending credit, including venture backed companies,” said Cole Harmonson, president and CEO of Far West Capital. “We’re able to lend to companies where banks cannot because we provide highly customized structures for entrepreneurs who need fast, reliable access to capital. Also, our ability to present customized solutions that are reliable is appealing to most rapidly growing entrepreneurs.”
About Far West Capital
Far West Capital is a privately funded specialty finance company headquartered in Austin, Texas. Our management team has over 50 years combined experience in commercial banking and finance. Most of our current management team previously worked together at State Bank, a publicly traded commercial bank (TXUI) since 1996, until the bank was sold in 2007. Our working capital finance solutions and client services are tailor-made to meet each company’s specific needs.