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–(Organization WIRE)–MidCap Small business Credit score increased its senior credit facility with Wells Fargo Money Finance to $200 million. This upsize will allow MidCap to help the progress of its existing asset-based lending business enterprise and help the launch of its gear finance vertical, MidCap Products Finance, which will concentration on giving equipment leases and financial loans between $2 million and $20 million to center-industry buyers in the United States and Canada.

Steve Samson, president of MidCap Business Credit rating, mentioned, “We are enthusiastic to expand our connection with Wells Fargo. The Loan company Finance group was incredibly supportive in the course of the system, and we are now in a position to offer you both of those asset-dependent lending and devices financing to our prospects even though leveraging our arduous credit rating, servicing, and finance operations.”

“Wells Fargo values our romantic relationship with MidCap, and we are very pleased to guidance their strategic strategy and expanded solution featuring,” mentioned Stewart Hayes, controlling director for the Loan company Finance division of Wells Fargo Money Finance. “We are happy to be aspect of MidCap‚Äôs ongoing expansion tale and appear ahead to helping them continue on to serve center-market clientele.”

Saurin Shah will provide as president of MidCap Equipment Finance. Shah is an sector veteran with deep knowledge in structuring gear transactions. Prior to MidCap, Shah was a co-founder of SLR Devices Finance, which began operations in 2010 (previously Nations Tools Finance). He commenced his devices finance occupation with GE Money. Joining Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit rating. Equally Lightfoot and Berger had been most not long ago at SLR Equipment Finance and worked closely with Shah in the past. This staff invested above $1 billion in machines loans and leases throughout a assortment of industries.

“I am extremely fired up to be a part of MidCap to construct out an equipment finance platform,” explained Saurin Shah. “Considering the fact that 2004 MidCap has been serving center-industry organizations nationwide with its asset-dependent lending products. MidCap is a respected manufacturer and regular pressure in the market. This expansion, with the guidance of Wells Fargo, signifies a unique opportunity for our consumers. We have great staff with established encounter that has worked jointly for many a long time. We are fully commited to bringing our understanding and abilities to the market.”

View supply version on businesswire.com: https://www.businesswire.com/news/house/20220411005174/en/

Contacts

Saurin Shah
203-516-6726
[email protected]

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