MidCap Completes Land-Air Express ABL Facility
MidCap Business Credit announced that it has completed a $7.5 million asset-based line of credit to Land-Air Express of New England, headquartered in Williston, VT.
Land-Air Express provides direct and next day delivery services to locations around the Northeast. The credit facility is comprised of advances against accounts receivable.
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.