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 Enterprise Credit rating increased its senior credit history facility with Wells Fargo Cash Finance to $200 million. This upsize will help MidCap to assistance the growth of its existing asset-based lending organization and help the start of its tools finance vertical, MidCap Products Finance, which will concentrate on providing tools leases and loans in between $2 million and $20 million to middle-marketplace prospects in the United States and Canada.

Steve Samson, president of MidCap Organization Credit rating, said, “We are energized to broaden our marriage with Wells Fargo. The Financial institution Finance group was incredibly supportive through the procedure, and we are now capable to give both asset-dependent lending and machines financing to our customers while leveraging our arduous credit history, servicing, and finance operations.”

“Wells Fargo values our partnership with MidCap, and we are happy to support their strategic plan and expanded solution providing,” reported Stewart Hayes, managing director for the Lender Finance division of Wells Fargo Cash Finance. “We are pleased to be component of MidCap’s ongoing growth story and glimpse ahead to encouraging them carry on to provide middle-market clientele.”

Saurin Shah will provide as president of MidCap Machines Finance. Shah is an industry veteran with deep expertise in structuring devices transactions. Prior to MidCap, Shah was a co-founder of SLR Gear Finance, which started off operations in 2010 (previously Nations Tools Finance). He started his devices finance vocation with GE Funds. Joining Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit. Both of those Lightfoot and Berger were being most just lately at SLR Products Finance and worked intently with Shah in the past. This staff invested more than $1 billion in devices financial loans and leases across a assortment of industries.

“I am pretty psyched to be a part of MidCap to build out an equipment finance platform,” reported Saurin Shah. “Due to the fact 2004 MidCap has been serving center-sector providers nationwide with its asset-based mostly lending product. MidCap is a highly regarded manufacturer and reliable power in the business. This growth, with the guidance of Wells Fargo, signifies a one of a kind opportunity for our customers. We have great workforce with confirmed practical experience that has worked alongside one another for several several years. We are fully commited to bringing our expertise and experience to the marketplace.”

Perspective source variation on businesswire.com: https://www.businesswire.com/information/home/20220411005174/en/


Saurin Shah
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