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MidCap Business Credit Provides $4MM ABL to Athem Leather

September 09, 2014, 07:22 AM
Filed Under: Distribution

MidCap Business Credit announced it has completed a $4 million asset-based credit facility to Anthem Leather, Inc., an importer and distributor of furniture grade leather headquartered in High Point, NC.   The revolving line of credit is comprised of a $3.45 million revolver with advances against the company’s receivables and inventory and a $550,000 term loan. The opportunity was sourced out of MidCap’s office in Atlanta, GA. 

In addition to refinancing the previous lender, the proceeds will be used to support working capital requirements. MidCap Business Credit was chosen to provide the financing because of its flexibility to support the company through its anticipated growth as well as its speed to close the credit facility.

MidCap Business Credit provides asset-based credit facilities to small and middle-market businesses nationwide, who have borrowing requirements from $1 million to $10 million. 

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