MidCap Business Credit launches new Equipment Finance Business, Increases Credit Facility with Wells Fargo Capital Finance

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WEST HARTFORD, Conn., April 11, 2022–(Company WIRE)–MidCap Business Credit score greater its senior credit rating facility with Wells Fargo Money Finance to $200 million. This upsize will empower MidCap to help the advancement of its current asset-based mostly lending business enterprise and assistance the launch of its tools finance vertical, MidCap Machines Finance, which will focus on giving products leases and financial loans concerning $2 million and $20 million to middle-market customers in the United States and Canada.

Steve Samson, president of MidCap Enterprise Credit history, mentioned, “We are excited to extend our partnership with Wells Fargo. The Loan company Finance team was extremely supportive through the method, and we are now able to provide equally asset-based mostly lending and machines financing to our customers while leveraging our rigorous credit, servicing, and finance operations.”

“Wells Fargo values our marriage with MidCap, and we are proud to aid their strategic approach and expanded merchandise providing,” stated Stewart Hayes, handling director for the Loan provider Finance division of Wells Fargo Cash Finance. “We are pleased to be aspect of MidCap‚Äôs ongoing advancement tale and glance forward to assisting them continue to provide center-market place clients.”

Saurin Shah will serve as president of MidCap Machines Finance. Shah is an marketplace veteran with deep abilities in structuring products transactions. Prior to MidCap, Shah was a co-founder of SLR Equipment Finance, which started out operations in 2010 (previously Nations Devices Finance). He commenced his machines finance job with GE Money. Becoming a member of Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit history. Equally Lightfoot and Berger were being most not long ago at SLR Gear Finance and labored closely with Shah in the earlier. This staff invested around $1 billion in products loans and leases across a wide variety of industries.

“I am really excited to sign up for MidCap to establish out an devices finance platform,” stated Saurin Shah. “Since 2004 MidCap has been serving center-industry companies nationwide with its asset-based mostly lending solution. MidCap is a highly regarded manufacturer and regular power in the industry. This expansion, with the guidance of Wells Fargo, represents a exclusive opportunity for our consumers. We have great group with proven working experience that has worked alongside one another for quite a few a long time. We are committed to bringing our expertise and knowledge to the marketplace.”

Watch supply variation on businesswire.com: https://www.businesswire.com/news/home/20220411005174/en/

Contacts

Saurin Shah
203-516-6726
[email protected]

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