MidCap Business Credit announced that it has completed a $2 million asset-based credit facility to J-PAC, LLC, headquartered in Somersworth, NH. The asset-based credit facility is comprised of a working capital revolver and a machinery and equipment term loan.

J-PAC is a contract manufacturer serving the pharmaceutical, medical, and diagnostic industries. The opportunity was sourced and closed out of MidCap’s headquarters, located in West Hartford, CT. 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.

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