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

WEST HARTFORD, Conn., April 11, 2022–(Enterprise WIRE)–MidCap Organization Credit history increased its senior credit rating facility with Wells Fargo Money Finance to $200 million. This upsize will allow MidCap to support the expansion of its current asset-dependent lending small business and support the launch of its equipment finance vertical, MidCap Tools Finance, which will target on giving tools leases and financial loans among $2 million and $20 million to center-current market shoppers in the United States and Canada.

Steve Samson, president of MidCap Small business Credit score, mentioned, “We are psyched to broaden our marriage with Wells Fargo. The Loan company Finance group was quite supportive during the procedure, and we are now in a position to offer you equally asset-primarily based lending and products financing to our customers whilst leveraging our arduous credit, servicing, and finance operations.”

“Wells Fargo values our romance with MidCap, and we are proud to aid their strategic system and expanded merchandise presenting,” mentioned Stewart Hayes, managing director for the Loan company Finance division of Wells Fargo Cash Finance. “We are happy to be aspect of MidCap’s ongoing expansion tale and appear forward to assisting them continue on to serve center-market shoppers.”

Saurin Shah will provide as president of MidCap Machines Finance. Shah is an field veteran with deep abilities in structuring products transactions. Prior to MidCap, Shah was a co-founder of SLR Tools Finance, which started out operations in 2010 (previously Nations Tools Finance). He begun his equipment finance vocation with GE Cash. Joining Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit history. Both Lightfoot and Berger ended up most recently at SLR Products Finance and labored closely with Shah in the past. This group invested around $1 billion in gear financial loans and leases across a variety of industries.

“I am very enthusiastic to sign up for MidCap to establish out an machines finance system,” stated Saurin Shah. “Considering the fact that 2004 MidCap has been serving center-market corporations nationwide with its asset-based mostly lending item. MidCap is a revered brand name and consistent pressure in the market. This enlargement, with the support of Wells Fargo, signifies a one of a kind chance for our consumers. We have excellent team with demonstrated expertise that has labored collectively for lots of many years. We are committed to bringing our information and experience to the marketplace.”

Tale carries on

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Contacts

Saurin Shah
203-516-6726
[email protected]