Daily News: July 23, 2014

MidCap Business Credit ABL Supports Food Distributor

MidCap Business Credit announced it completed a $4 million asset-based line of credit to a distributor of food service, work place safety and janitorial supplies headquartered in the Mid-Atlantic Region. The revolving line of credit is comprised of advances against the company’s receivables and inventory. The opportunity was sourced out of MidCap’s office in Atlanta.

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.