MidFirst Business Credit Announces New Lending Relationship with Morcon, Inc.
January 4, 2021
Source: MidFirst Business Credit (MFBC)
MidFirst Business Credit (MFBC) announced it has provided $8.5 million in working capital and capital expenditure facilities to Morcon, Inc. (Morcon). Located in Eagle Bridge, NY, Morcon is a commercial paper tissue converting company with three primary product lines: tissue, towel and napkins. The funds were used to provide additional working capital and help facilitate further business expansion. The transaction was completed on December 22, 2020.
“We are thrilled and grateful to have the support of our new banking relationship partner,” said Joseph F. Raccuia, Morcon CEO and majority shareholder. “MidFirst recognized the strength of our team and our products, both of which have thrived during this difficult period. The MidFirst loan will provide added financial strength for Morcon to continue to grow and build our business going forward.”
Dennis Schlesner, MFBC President, added, “We are very excited to partner with Morcon as they execute their future growth plans. We look forward to being their bank for years to come.”
Headquartered in Atlanta with offices in Chicago, Dallas, Detroit, Los Angeles, Nashville and Phoenix, MidFirst Business Credit provides customized and flexible financing solutions to growing businesses nationwide. Offering lines of credit of up to $30 million, MidFirst Business Credit provides working capital and term loan facilities for acquisitions, recapitalizations, working capital needs and turnaround situations.
MFBC is owned by MidFirst Bank, the nation’s largest privately held bank with more than $25 billion in assets. This unique structure gives MFBC the flexibility of a finance company with the financial backing and stability of a bank.