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

WEST HARTFORD, Conn., April 11, 2022–(Company WIRE)–MidCap Enterprise Credit rating amplified its senior credit score facility with Wells Fargo Money Finance to $200 million. This upsize will empower MidCap to support the growth of its current asset-based lending small business and aid the launch of its devices finance vertical, MidCap Equipment Finance, which will focus on delivering products leases and loans among $2 million and $20 million to center-industry consumers in the United States and Canada.

Steve Samson, president of MidCap Small business Credit history, stated, “We are psyched to grow our relationship with Wells Fargo. The Lender Finance crew was extremely supportive all through the method, and we are now ready to offer the two asset-primarily based lending and equipment funding to our prospects while leveraging our rigorous credit score, servicing, and finance functions.”

“Wells Fargo values our partnership with MidCap, and we are happy to guidance their strategic strategy and expanded product or service supplying,” stated Stewart Hayes, controlling director for the Loan provider Finance division of Wells Fargo Capital Finance. “We are delighted to be component of MidCap’s ongoing progress story and look forward to supporting them keep on to serve center-market place purchasers.”

Saurin Shah will serve as president of MidCap Tools Finance. Shah is an industry veteran with deep expertise in structuring gear transactions. Prior to MidCap, Shah was a co-founder of SLR Machines Finance, which begun functions in 2010 (formerly Nations Equipment Finance). He commenced his tools finance career with GE Cash. Becoming a member of Shah, MidCap has hired Matt Lightfoot as head of originations and Al Berger as head of credit rating. Equally Lightfoot and Berger have been most just lately at SLR Devices Finance and worked intently with Shah in the past. This workforce invested about $1 billion in machines loans and leases throughout a wide range of industries.

“I am incredibly thrilled to be a part of MidCap to construct out an machines finance platform,” claimed Saurin Shah. “Given that 2004 MidCap has been serving center-market providers nationwide with its asset-dependent lending product or service. MidCap is a highly regarded brand name and reliable drive in the market. This enlargement, with the help of Wells Fargo, signifies a unique chance for our clients. We have excellent team with confirmed practical experience that has labored collectively for lots of many years. We are committed to bringing our information and knowledge to the marketplace.”

Perspective resource model on businesswire.com: https://www.businesswire.com/news/household/20220411005174/en/

Contacts

Saurin Shah
203-516-6726
[email protected]