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

WEST HARTFORD, Conn., April 11, 2022–(Business WIRE)–MidCap Small business Credit score elevated its senior credit score facility with Wells Fargo Funds Finance to $200 million. This upsize will enable MidCap to assistance the expansion of its existing asset-dependent lending small business and help the launch of its devices finance vertical, MidCap Machines Finance, which will emphasis on giving equipment leases and financial loans involving $2 million and $20 million to center-market buyers in the United States and Canada.

Steve Samson, president of MidCap Company Credit rating, stated, “We are energized to broaden our partnership with Wells Fargo. The Lender Finance team was pretty supportive in the course of the course of action, and we are now ready to supply the two asset-primarily based lending and equipment funding to our clients although leveraging our arduous credit score, servicing, and finance operations.”

“Wells Fargo values our romantic relationship with MidCap, and we are very pleased to aid their strategic program and expanded merchandise offering,” said Stewart Hayes, handling director for the Lender Finance division of Wells Fargo Cash Finance. “We are pleased to be part of MidCap’s ongoing growth story and seem forward to supporting them continue to serve center-industry clients.”

Saurin Shah will serve as president of MidCap Products Finance. Shah is an field veteran with deep know-how in structuring tools transactions. Prior to MidCap, Shah was a co-founder of SLR Machines Finance, which started operations in 2010 (previously Nations Devices Finance). He started off his equipment finance profession with GE Money. Joining Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit rating. Both equally Lightfoot and Berger ended up most recently at SLR Devices Finance and worked carefully with Shah in the past. This staff invested over $1 billion in gear loans and leases across a variety of industries.

“I am really energized to be a part of MidCap to make out an devices finance system,” said Saurin Shah. “Since 2004 MidCap has been serving center-market place firms nationwide with its asset-based mostly lending product or service. MidCap is a revered brand name and reliable power in the marketplace. This growth, with the assist of Wells Fargo, signifies a special option for our prospects. We have excellent group with demonstrated expertise that has labored together for many a long time. We are dedicated to bringing our know-how and experience to the market.”

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Contacts

Saurin Shah
203-516-6726
[email protected]