MidCap Business Credit LLC Completes a $23.7 Million Asset based Credit Facility to a Manufacturing Company

MidCap Business Credit LLC.,   announced today that it has completed a $23,700,000 million asset-based credit facility to a manufacturing company in Cleveland, Ohio. The facility was comprised of an $18 million revolving line of credit and a $5.7 million real estate term loan. The business was established in 1970 , and operates primarily in the metal stamping, metal fabricating, and tool and die industries. The company’s customers include automotive manufacturers, electric vehicle manufacturers, and tier one automotive suppliers, as well as other industrial applications.

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 trajectory and free up suppressed availability 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 $25MM.