MidCap Business Credit Provides $1.5MM ABL to Valve Distributor
MidCap Business Credit announced that it completed a $1.5 million asset-based line of credit to a valve distributor located in Texas, which sells into the oil field service industry. The credit facility is supported by advances on receivables and inventory.
In addition to refinancing the previous lender in full, the proceeds will be used to support working capital requirements. MidCap Business Credit was chosen to provide the financing because of its flexibility in supporting the company through its anticipated growth as well as its speed in closing the credit facility.
MidCap Business Credit provides asset-based credit facilities to small and middle-market businesses nationwide, who have borrowing requirements from $1MM to $10MM.