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

WEST HARTFORD, Conn., April 11, 2022–(Business enterprise WIRE)–MidCap Small business Credit score enhanced its senior credit score facility with Wells Fargo Cash Finance to $200 million. This upsize will permit MidCap to guidance the development of its current asset-centered lending business enterprise and support the start of its equipment finance vertical, MidCap Products Finance, which will concentration on offering machines leases and loans concerning $2 million and $20 million to center-market place customers in the United States and Canada.

Steve Samson, president of MidCap Business enterprise Credit rating, stated, “We are fired up to expand our marriage with Wells Fargo. The Loan provider Finance crew was incredibly supportive throughout the process, and we are now able to supply both of those asset-primarily based lending and tools financing to our clients when leveraging our rigorous credit history, servicing, and finance operations.”

“Wells Fargo values our relationship with MidCap, and we are very pleased to assistance their strategic strategy and expanded products giving,” mentioned Stewart Hayes, managing director for the Financial institution Finance division of Wells Fargo Funds Finance. “We are delighted to be section of MidCap’s ongoing development story and appear ahead to encouraging them carry on to provide center-marketplace clients.”

Saurin Shah will provide as president of MidCap Products Finance. Shah is an field veteran with deep knowledge in structuring devices transactions. Prior to MidCap, Shah was a co-founder of SLR Equipment Finance, which started off functions in 2010 (previously Nations Equipment Finance). He begun his products finance vocation with GE Capital. Signing up for Shah, MidCap has hired Matt Lightfoot as head of originations and Al Berger as head of credit. The two Lightfoot and Berger ended up most a short while ago at SLR Gear Finance and worked carefully with Shah in the past. This staff invested about $1 billion in machines financial loans and leases across a selection of industries.

“I am pretty fired up to be a part of MidCap to create out an gear finance platform,” stated Saurin Shah. “Due to the fact 2004 MidCap has been serving center-market providers nationwide with its asset-based mostly lending products. MidCap is a respected brand and consistent drive in the field. This expansion, with the guidance of Wells Fargo, signifies a unique prospect for our buyers. We have great group with confirmed experience that has worked with each other for many decades. We are committed to bringing our understanding and knowledge to the marketplace.”

View supply variation on businesswire.com: https://www.businesswire.com/information/home/20220411005174/en/

Contacts

Saurin Shah
203-516-6726
[email protected]