MidCap Business Credit completed an $8.5 million asset-based credit facility for Elastic Fabrics of America.
Based in Greensboro, NC, Elastic Fabrics is a manufacturer of textile goods selling into the intimate apparel, sportswear, swimwear, medical and industrial markets.
In addition to refinancing a loan to its previous lender, the proceeds will be used to support working capital requirements.
MidCap Business Credit provides asset based credit facilities to small and middle market businesses nationwide, who have borrowing requirements from $2 million to $15 million.