MidCap Completes $3.6MM Facility to Injection Molding Company
MidCap Business Credit announced that it has completed a $3.6 million asset-based credit facility to an injection molding company. The credit facility is comprised of a $2.5 million revolving line of credit and a $1.1 million term loan.
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 growth requirements as well as its speed to close the credit facility.
MidCap Business Credit provides asset-based credit facilities and factoring to small- and middle-market businesses nationwide, which have borrowing requirements from $1 million to $10 million.