MidCap Business Credit announced that it has completed a $3.5 million asset-based credit facility to Smart Chemical Services, headquartered in Amarillo, TX. Smart Chemical Services is chemical provider serving the oil and gas industries. The asset-based facility is comprised of a revolver with advances against accounts receivable and inventory and a capital expenditures line of credit. The opportunity was sourced out of MidCap’s office in Houston.

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 that have borrowing requirements from $1 million to $10 million.