June 24, 2024

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

WEST HARTFORD, Conn., April 11, 2022–(Organization WIRE)–MidCap Organization Credit amplified its senior credit history facility with Wells Fargo Funds Finance to $200 million. This upsize will allow MidCap to help the progress of its current asset-based lending organization and support the start of its devices finance vertical, MidCap Tools Finance, which will emphasis on furnishing tools leases and loans among $2 million and $20 million to center-industry customers in the United States and Canada.

Steve Samson, president of MidCap Small business Credit rating, said, “We are excited to develop our romantic relationship with Wells Fargo. The Financial institution Finance staff was really supportive all through the method, and we are now in a position to offer the two asset-based lending and machines financing to our consumers even though leveraging our demanding credit, servicing, and finance operations.”

“Wells Fargo values our connection with MidCap, and we are very pleased to help their strategic approach and expanded merchandise offering,” said Stewart Hayes, managing director for the Loan provider Finance division of Wells Fargo Cash Finance. “We are delighted to be section of MidCap’s ongoing development story and glimpse ahead to aiding them carry on to provide center-current market shoppers.”

Saurin Shah will serve as president of MidCap Tools Finance. Shah is an industry veteran with deep skills in structuring products transactions. Prior to MidCap, Shah was a co-founder of SLR Tools Finance, which begun functions in 2010 (formerly Nations Devices Finance). He started his tools finance career with GE Cash. Joining Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit score. Each Lightfoot and Berger have been most just lately at SLR Equipment Finance and labored closely with Shah in the previous. This group invested about $1 billion in equipment loans and leases throughout a wide variety of industries.

“I am extremely energized to be part of MidCap to establish out an equipment finance platform,” claimed Saurin Shah. “Due to the fact 2004 MidCap has been serving center-market firms nationwide with its asset-centered lending product. MidCap is a respected manufacturer and regular force in the industry. This growth, with the guidance of Wells Fargo, represents a special chance for our shoppers. We have good group with verified experience that has labored collectively for lots of several years. We are committed to bringing our awareness and know-how to the marketplace.”

Look at supply variation on businesswire.com: https://www.businesswire.com/information/household/20220411005174/en/

Contacts

Saurin Shah
203-516-6726
[email protected]