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 history amplified its senior credit facility with Wells Fargo Money Finance to $200 million. This upsize will permit MidCap to assist the growth of its current asset-primarily based lending enterprise and support the launch of its devices finance vertical, MidCap Gear Finance, which will focus on delivering machines leases and loans concerning $2 million and $20 million to center-marketplace consumers in the United States and Canada.

Steve Samson, president of MidCap Company Credit rating, mentioned, “We are thrilled to broaden our partnership with Wells Fargo. The Loan company Finance group was quite supportive during the course of action, and we are now ready to present both of those asset-dependent lending and tools funding to our customers although leveraging our rigorous credit score, servicing, and finance functions.”

“Wells Fargo values our marriage with MidCap, and we are happy to guidance their strategic program and expanded merchandise supplying,” explained Stewart Hayes, managing director for the Loan provider Finance division of Wells Fargo Cash Finance. “We are happy to be portion of MidCap’s ongoing advancement tale and glance forward to serving to them carry on to serve middle-current market consumers.”

Saurin Shah will serve as president of MidCap Gear Finance. Shah is an business veteran with deep abilities in structuring equipment transactions. Prior to MidCap, Shah was a co-founder of SLR Tools Finance, which started off functions in 2010 (previously Nations Gear Finance). He started off his equipment finance job with GE Money. Signing up for Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit rating. Equally Lightfoot and Berger ended up most recently at SLR Products Finance and labored carefully with Shah in the past. This crew invested in excess of $1 billion in products financial loans and leases throughout a range of industries.

“I am very psyched to sign up for MidCap to build out an gear finance platform,” explained Saurin Shah. “Considering the fact that 2004 MidCap has been serving middle-market providers nationwide with its asset-based mostly lending merchandise. MidCap is a revered brand name and consistent drive in the field. This growth, with the aid of Wells Fargo, signifies a one of a kind chance for our customers. We have good team with tested encounter that has worked alongside one another for lots of many years. We are fully commited to bringing our understanding and abilities to the marketplace.”

Tale proceeds

Watch resource variation on businesswire.com: https://www.businesswire.com/information/home/20220411005174/en/

Contacts

Saurin Shah
203-516-6726
[email protected]