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

WEST HARTFORD, Conn., April 11, 2022–(Small business WIRE)–MidCap Company Credit rating increased its senior credit history facility with Wells Fargo Money Finance to $200 million. This upsize will allow MidCap to guidance the advancement of its existing asset-based mostly lending small business and support the start of its devices finance vertical, MidCap Tools Finance, which will target on supplying machines leases and loans concerning $2 million and $20 million to middle-market prospects in the United States and Canada.

Steve Samson, president of MidCap Organization Credit rating, said, “We are enthusiastic to grow our romantic relationship with Wells Fargo. The Loan provider Finance group was extremely supportive all over the system, and we are now capable to offer you equally asset-centered lending and tools financing to our shoppers although leveraging our arduous credit history, servicing, and finance functions.”

“Wells Fargo values our partnership with MidCap, and we are happy to aid their strategic plan and expanded products giving,” explained Stewart Hayes, handling director for the Loan provider Finance division of Wells Fargo Funds Finance. “We are pleased to be aspect of MidCap’s ongoing development story and search ahead to serving to them proceed to provide middle-industry customers.”

Saurin Shah will provide as president of MidCap Devices Finance. Shah is an field veteran with deep experience in structuring devices transactions. Prior to MidCap, Shah was a co-founder of SLR Gear Finance, which commenced operations in 2010 (previously Nations Products Finance). He began his devices finance occupation with GE Capital. Signing up for Shah, MidCap has hired Matt Lightfoot as head of originations and Al Berger as head of credit rating. Both Lightfoot and Berger were most not too long ago at SLR Tools Finance and labored carefully with Shah in the past. This group invested above $1 billion in equipment loans and leases throughout a assortment of industries.

“I am really thrilled to join MidCap to create out an equipment finance system,” claimed Saurin Shah. “Because 2004 MidCap has been serving center-market firms nationwide with its asset-centered lending item. MidCap is a respected brand and steady drive in the market. This growth, with the assist of Wells Fargo, represents a special possibility for our customers. We have wonderful staff with proven experience that has labored together for numerous years. We are committed to bringing our expertise and skills to the market.”

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See source edition on businesswire.com: https://www.businesswire.com/information/household/20220411005174/en/

Contacts

Saurin Shah
203-516-6726
sshah@midcap.com