MidCap Business Credit launches new Equipment Finance Business, Increases Credit Facility with Wells Fargo Capital Finance
2 min readWEST HARTFORD, Conn., April 11, 2022–(Organization WIRE)–MidCap Organization Credit increased its senior credit history facility with Wells Fargo Cash Finance to $200 million. This upsize will permit MidCap to assist the development of its existing asset-dependent lending small business and help the launch of its devices finance vertical, MidCap Gear Finance, which will aim on delivering tools leases and loans among $2 million and $20 million to center-sector prospects in the United States and Canada.
Steve Samson, president of MidCap Business Credit score, stated, “We are enthusiastic to develop our marriage with Wells Fargo. The Lender Finance group was extremely supportive all through the approach, and we are now equipped to offer you the two asset-based lending and tools financing to our prospects when leveraging our rigorous credit score, servicing, and finance functions.”
“Wells Fargo values our connection with MidCap, and we are proud to guidance their strategic prepare and expanded product offering,” explained Stewart Hayes, taking care of director for the Financial institution Finance division of Wells Fargo Capital Finance. “We are happy to be part of MidCap’s ongoing development tale and search forward to assisting them proceed to provide center-market purchasers.”
Saurin Shah will provide as president of MidCap Machines Finance. Shah is an business veteran with deep knowledge in structuring tools transactions. Prior to MidCap, Shah was a co-founder of SLR Machines Finance, which begun functions in 2010 (formerly Nations Devices Finance). He started off his devices finance vocation with GE Funds. Signing up for Shah, MidCap has hired Matt Lightfoot as head of originations and Al Berger as head of credit history. Both Lightfoot and Berger ended up most not long ago at SLR Gear Finance and worked closely with Shah in the earlier. This workforce invested in excess of $1 billion in tools loans and leases across a wide variety of industries.
“I am really energized to be a part of MidCap to build out an tools finance platform,” mentioned Saurin Shah. “Because 2004 MidCap has been serving middle-market firms nationwide with its asset-dependent lending product. MidCap is a revered brand and constant pressure in the sector. This expansion, with the guidance of Wells Fargo, represents a one of a kind possibility for our clients. We have wonderful crew with demonstrated knowledge that has labored together for many decades. We are dedicated to bringing our know-how and know-how to the market.”
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Contacts
Saurin Shah
203-516-6726
[email protected]