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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–(Business enterprise WIRE)–MidCap Small business Credit score greater its senior credit rating facility with Wells Fargo Money Finance to $200 million. This upsize will help MidCap to guidance the growth of its existing asset-dependent lending business enterprise and aid the start of its products finance vertical, MidCap Devices Finance, which will focus on supplying equipment leases and loans concerning $2 million and $20 million to middle-market place prospects in the United States and Canada.

Steve Samson, president of MidCap Business enterprise Credit rating, mentioned, “We are thrilled to broaden our partnership with Wells Fargo. The Loan provider Finance crew was pretty supportive throughout the process, and we are now in a position to provide both of those asset-primarily based lending and machines financing to our buyers while leveraging our rigorous credit rating, servicing, and finance operations.”

“Wells Fargo values our connection with MidCap, and we are very pleased to help their strategic system and expanded product or service presenting,” claimed Stewart Hayes, managing director for the Lender Finance division of Wells Fargo Capital Finance. “We are delighted to be part of MidCap’s ongoing development tale and search forward to encouraging them continue to provide center-market place clients.”

Saurin Shah will provide as president of MidCap Machines Finance. Shah is an business veteran with deep knowledge in structuring machines transactions. Prior to MidCap, Shah was a co-founder of SLR Tools Finance, which started operations in 2010 (formerly Nations Tools Finance). He started out his products finance vocation with GE Cash. Becoming a member of Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit score. Both Lightfoot and Berger have been most recently at SLR Devices Finance and worked carefully with Shah in the past. This workforce invested about $1 billion in gear loans and leases across a wide range of industries.

“I am quite energized to join MidCap to build out an tools finance system,” mentioned Saurin Shah. “Given that 2004 MidCap has been serving center-sector providers nationwide with its asset-primarily based lending product. MidCap is a revered model and regular drive in the field. This enlargement, with the support of Wells Fargo, signifies a exceptional prospect for our buyers. We have good group with confirmed working experience that has worked alongside one another for quite a few decades. We are dedicated to bringing our expertise and know-how to the market.”

Look at source variation on businesswire.com: https://www.businesswire.com/news/house/20220411005174/en/

Contacts

Saurin Shah
203-516-6726
[email protected]

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