MidCap Closes $4.5 Million ABL for Charter Baking
MidCap Business Credit announced that it has completed a $4.5 million asset-based credit facility to Charter Baking Company, Inc. The credit facility is comprised of a $3.5 million revolving line of credit and a $1 million term loan.
Charter Baking Company is an organic and all natural bread manufacturer. The company sells its products under the Rudi’s brand and the Vermont Bread Company brand.
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.