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


WEST HARTFORD, Conn., April 11, 2022–(Company WIRE)–MidCap Business Credit history increased its senior credit score facility with Wells Fargo Funds Finance to $200 million. This upsize will allow MidCap to aid the development of its current asset-based lending organization and help the start of its devices finance vertical, MidCap Devices Finance, which will focus on delivering gear leases and loans concerning $2 million and $20 million to middle-marketplace buyers in the United States and Canada.

Steve Samson, president of MidCap Enterprise Credit history, said, “We are energized to broaden our marriage with Wells Fargo. The Loan company Finance group was extremely supportive through the approach, and we are now ready to give the two asset-based lending and devices financing to our clients whilst leveraging our arduous credit score, servicing, and finance functions.”

“Wells Fargo values our relationship with MidCap, and we are proud to help their strategic approach and expanded product or service offering,” said Stewart Hayes, handling director for the Loan provider Finance division of Wells Fargo Funds Finance. “We are happy to be aspect of MidCap’s ongoing development tale and seem ahead to helping them continue on to provide center-marketplace purchasers.”

Saurin Shah will serve as president of MidCap Tools Finance. Shah is an market veteran with deep abilities in structuring gear transactions. Prior to MidCap, Shah was a co-founder of SLR Tools Finance, which started out functions in 2010 (previously Nations Machines Finance). He started his devices finance profession with GE Funds. Joining Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit rating. Both equally Lightfoot and Berger had been most recently at SLR Products Finance and worked carefully with Shah in the past. This crew invested around $1 billion in gear loans and leases across a selection of industries.

“I am extremely thrilled to join MidCap to make out an tools finance platform,” explained Saurin Shah. “Since 2004 MidCap has been serving middle-current market businesses nationwide with its asset-primarily based lending merchandise. MidCap is a revered model and consistent power in the business. This growth, with the guidance of Wells Fargo, represents a special option for our shoppers. We have wonderful crew with established encounter that has worked collectively for quite a few a long time. We are dedicated to bringing our awareness and abilities to the market.”

View source version on businesswire.com: https://www.businesswire.com/news/residence/20220411005174/en/


Saurin Shah
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