MidCap Business Credit completed an $8 million asset-based line of credit to an oil and lubricant wholesaler located in the Midwest. The revolver is supported by advances against accounts receivable and inventory. The opportunity was sourced out of MidCap’s office in Atlanta, GA.
In addition to refinancing the previous lender, the proceeds will be used to support working capital requirements.
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.