July 16, 2024


Profitable business

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

2 min read

WEST HARTFORD, Conn., April 11, 2022–(Business WIRE)–MidCap Business Credit increased its senior credit history facility with Wells Fargo Funds Finance to $200 million. This upsize will permit MidCap to help the development of its existing asset-based mostly lending company and help the start of its products finance vertical, MidCap Equipment Finance, which will target on furnishing devices leases and loans among $2 million and $20 million to center-sector buyers in the United States and Canada.

Steve Samson, president of MidCap Organization Credit history, said, “We are psyched to extend our connection with Wells Fargo. The Loan company Finance staff was really supportive all over the system, and we are now in a position to supply both equally asset-dependent lending and products financing to our clients although leveraging our arduous credit rating, servicing, and finance functions.”

“Wells Fargo values our relationship with MidCap, and we are happy to assistance their strategic strategy and expanded product or service giving,” claimed Stewart Hayes, handling director for the Loan company Finance division of Wells Fargo Capital Finance. “We are pleased to be aspect of MidCap’s ongoing advancement tale and seem forward to aiding them keep on to provide center-market customers.”

Saurin Shah will serve as president of MidCap Equipment Finance. Shah is an business veteran with deep expertise in structuring tools transactions. Prior to MidCap, Shah was a co-founder of SLR Devices Finance, which began operations in 2010 (formerly Nations Devices Finance). He began his equipment finance occupation with GE Funds. Joining Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit history. Equally Lightfoot and Berger ended up most recently at SLR Tools Finance and worked carefully with Shah in the past. This group invested more than $1 billion in products loans and leases across a wide range of industries.

“I am incredibly excited to be a part of MidCap to build out an products finance platform,” reported Saurin Shah. “Considering that 2004 MidCap has been serving middle-marketplace businesses nationwide with its asset-based mostly lending products. MidCap is a highly regarded model and reliable drive in the marketplace. This expansion, with the help of Wells Fargo, represents a special chance for our consumers. We have good team with verified knowledge that has labored with each other for lots of yrs. We are dedicated to bringing our know-how and expertise to the marketplace.”

View source model on businesswire.com: https://www.businesswire.com/news/home/20220411005174/en/


Saurin Shah
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