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 Business enterprise Credit history enhanced its senior credit score facility with Wells Fargo Cash Finance to $200 million. This upsize will permit MidCap to help the development of its existing asset-primarily based lending enterprise and assist the start of its tools finance vertical, MidCap Products Finance, which will emphasis on delivering devices leases and financial loans among $2 million and $20 million to center-sector clients in the United States and Canada.

Steve Samson, president of MidCap Business enterprise Credit, mentioned, “We are energized to increase our romance with Wells Fargo. The Loan company Finance crew was very supportive throughout the method, and we are now ready to give equally asset-based lending and products financing to our buyers although leveraging our rigorous credit score, servicing, and finance operations.”

“Wells Fargo values our marriage with MidCap, and we are proud to help their strategic plan and expanded product or service supplying,” explained Stewart Hayes, controlling director for the Loan company Finance division of Wells Fargo Money Finance. “We are happy to be part of MidCap’s ongoing development tale and appear forward to encouraging them keep on to serve center-industry clientele.”

Saurin Shah will provide as president of MidCap Equipment Finance. Shah is an industry veteran with deep expertise in structuring equipment transactions. Prior to MidCap, Shah was a co-founder of SLR Products Finance, which started off functions in 2010 (previously Nations Tools Finance). He started out his devices finance vocation with GE Capital. Becoming a member of Shah, MidCap has hired Matt Lightfoot as head of originations and Al Berger as head of credit history. Both Lightfoot and Berger were most just lately at SLR Devices Finance and worked intently with Shah in the earlier. This staff invested in excess of $1 billion in devices financial loans and leases across a range of industries.

“I am incredibly energized to join MidCap to construct out an machines finance system,” stated Saurin Shah. “Given that 2004 MidCap has been serving center-market place corporations nationwide with its asset-based mostly lending merchandise. MidCap is a revered manufacturer and steady force in the sector. This growth, with the assistance of Wells Fargo, represents a distinctive chance for our prospects. We have wonderful group with demonstrated experience that has labored collectively for many yrs. We are committed to bringing our knowledge and skills to the market.”

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Contacts

Saurin Shah
203-516-6726
[email protected]