MidFirst Business Credit provided $8.5 million in working capital and capital expenditure facilities to Morcon, a commercial paper tissue company based in Eagle Bridge, NY.
The funds were used to provide additional working capital and to help facilitate further business expansion. The transaction was completed on Dec. 22.
“We are thrilled and grateful to have the support of our new banking relationship partner,” Joseph F. Raccuia, CEO and majority shareholder of Morcon, said. “MidFirst recognized the strength of our team and our products, both of which have thrived during this difficult period. The MidFirst loan will provide added financial strength for Morcon to continue to grow and build our business going forward.”
“We are very excited to partner with Morcon as they execute their future growth plans. We look forward to being their bank for years to come,” Dennis Schlesner, president of MidFirst Business Credit, said.
Headquartered in Atlanta, MidFirst Business Credit provides working capital and term loan facilities for acquisitions, recapitalizations, working capital needs and turnaround situations.
