MidCap Business Credit announced that it has completed a $3.25 million Asset Based Credit Facility to Egide USA, Inc.   Headquartered in Cambridge, MD, Egide specializes in manufacturing of hermetic packages for sensitive electronic components.

The opportunity was sourced out of MidCap’s regional office in Baltimore, MD.   Bruce Pavesich, Senior Vice President of MidCap Business Credit, LLC, said, "We were able to quickly and efficiently provide a flexible Asset Based Line of Credit and Real Estate term loan to pay off the incumbent bank and fund additional needed liquidity.  We look forward to working with the company and helping them achieve their goals and execute on their Strategic Plan."

James Collins, Chairman and CEO of EGIDE SA said, “We were pleased to work with MidCap to provide the financial instrument to pay off our LOC and Mortgage, and provide a source of credit moving forward which will enable us to grow our business.  In the coming years, we expect double digit growth of the facility in Cambridge, and this line will be integral in making this happen.”

MidCap Business Credit provides asset based credit facilities to small and middle market businesses nationwide, who have borrowing requirements from $1MM to $10MM.