MidCap Business Credit announced it has completed a $6.25 million asset-based credit facility to Faria Beede Instruments, Inc.  headquartered in Uncasville, CT.  The credit facility is comprised of a $5.85 million revolving line of credit and a $400 thousand term loan.  Faria Beede designs and manufactures analog and digital engine monitoring instrumentation and telematics asset tracking / diagnostics systems. The opportunity was sourced and closed out of MidCap’s headquarters 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.
 
“The professionalism and support afforded by the MidCap team; provided for a smooth financing transition, and provided an opportunity for future growth”, commented David Hickey, President & CEO of Faria Beede Instrumentation.   “With our repositioning as the only telematics company with in depth knowledge and experience in engine monitoring; MidCap has provided us with the needed working capital to support expansion”.

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