MidCap Business Credit LLC Announces $8 Million Credit Facility to a Manufacturing Company
September 27, 2023
Source: MidCap Business Credit LLC
MidCap Business Credit LLC., announced today that it has completed a $8 million asset-based credit facility to a manufacturing company located in Pittsburgh, PA. The company was established in 1954 and makes machinery and equipment for various industrial applications, for its domestic and foreign customer base.
The opportunity was sourced out of MidCap’s regional office in Baltimore, MD. Bruce Pavesich, Senior Vice President of MidCap Business Credit, LLC, said, "We were able to provide a flexible Asset Based Line of Credit. Our new loan will be utilized to support the company’s growth and provide additional availability, which was limited under the prior lender’s facility. We look forward to working with the company and helping them execute on their strategic plan and grow the business.”
MidCap Business Credit provides asset-based credit facilities to small- and middle-market businesses nationwide, who have borrowing requirements from $3MM to $20MM.
The opportunity was sourced out of MidCap’s regional office in Baltimore, MD. Bruce Pavesich, Senior Vice President of MidCap Business Credit, LLC, said, "We were able to provide a flexible Asset Based Line of Credit. Our new loan will be utilized to support the company’s growth and provide additional availability, which was limited under the prior lender’s facility. We look forward to working with the company and helping them execute on their strategic plan and grow the business.”
MidCap Business Credit provides asset-based credit facilities to small- and middle-market businesses nationwide, who have borrowing requirements from $3MM to $20MM.
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