MidCap Business Credit announced that it has completed an $8.5 million asset based credit facility to Elastic Fabrics of America, Inc.  Elastic Fabrics, headquartered in Greensboro, North Carolina, is manufacturer of textile goods selling into the intimate apparel, sportswear, swimwear, medical, and industrial markets.    

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 $2MM to $15MM.