MidCap Business Credit completed a $7.5 million asset-based line of credit to a food importer and distributor located in the Northeast. The revolver, sourced and closed out of MidCap’s headquarters in West Hartford, CT, is supported by advances against accounts receivable and inventory.
“We were able to structure and quickly close on a flexible ABL revolver to assist the management in the buy out of the business and provide the working capital financing it will need to execute on its strategic growth plan,” Seth Cooper, senior vice president and national sales manager of MidCap, said.
