Bailey Street Holding Company, manufacturer and importer of accent furniture and upholstered seating, announced the closing of a new asset-based revolving credit facility with First Capital. The agreement provides for up to $3 million in revolving loans which may be used for working capital needs and other items, as stipulated in the agreement.

"This new asset-based credit facility provides us with additional liquidity and flexibility as we continue to grow Bailey Street in a particularly difficult environment for our industry," said Jim Berk, CEO of Bailey Street Holding Company. "We hear the horror stories of well run companies struggling simply because they cannot secure a credit facility in this impossibly tight credit market. We are proud to have a strong, dependable lender with an understanding of this industry. First Capital worked with us to structure a facility that allows growth both organically as well as opportunistically, should the appropriate circumstance present itself."