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MidCap Business Credit Completes $8MM Asset-Based Credit Facility for Manufacturing Company

September 28, 2023, 07:45 AM
Filed Under: Manufacturing

MidCap Business Credit completed an $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, 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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