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 Enterprise Credit rating amplified its senior credit rating facility with Wells Fargo Cash Finance to $200 million. This upsize will enable MidCap to assist the expansion of its existing asset-centered lending small business and aid the start of its products finance vertical, MidCap Equipment Finance, which will emphasis on providing machines leases and financial loans in between $2 million and $20 million to middle-industry customers in the United States and Canada.

Steve Samson, president of MidCap Business enterprise Credit rating, mentioned, “We are psyched to broaden our partnership with Wells Fargo. The Lender Finance group was pretty supportive in the course of the method, and we are now capable to offer you both equally asset-centered lending and machines funding to our shoppers though leveraging our demanding credit, servicing, and finance operations.”

“Wells Fargo values our marriage with MidCap, and we are happy to aid their strategic prepare and expanded product providing,” explained Stewart Hayes, running director for the Lender Finance division of Wells Fargo Capital Finance. “We are delighted to be aspect of MidCap’s ongoing expansion story and look ahead to assisting them carry on to serve middle-marketplace customers.”

Saurin Shah will provide as president of MidCap Machines Finance. Shah is an industry veteran with deep experience in structuring gear transactions. Prior to MidCap, Shah was a co-founder of SLR Devices Finance, which started out functions in 2010 (previously Nations Machines Finance). He started his machines finance job with GE Cash. Signing up for Shah, MidCap has hired Matt Lightfoot as head of originations and Al Berger as head of credit. Both Lightfoot and Berger were most not long ago at SLR Tools Finance and labored carefully with Shah in the earlier. This crew invested around $1 billion in devices loans and leases across a wide variety of industries.

“I am very fired up to be part of MidCap to build out an devices finance platform,” claimed Saurin Shah. “Considering the fact that 2004 MidCap has been serving center-sector providers nationwide with its asset-dependent lending product or service. MidCap is a revered manufacturer and consistent force in the field. This expansion, with the aid of Wells Fargo, signifies a special prospect for our customers. We have fantastic crew with confirmed knowledge that has labored collectively for quite a few yrs. We are fully commited to bringing our expertise and expertise to the market.”

Check out supply edition on businesswire.com: https://www.businesswire.com/news/residence/20220411005174/en/

Contacts

Saurin Shah
203-516-6726
[email protected]