MidCap Business Credit LLC Completes $15 Million Asset-Based Credit Facility to Plastic Suppliers, Inc.

MidCap Business Credit LLC announced today that it has completed a $15 million asset-based credit facility to Plastic Suppliers, Inc. The business was  established in 1949  and is headquartered in Columbus, Ohio. The company manufactures thin-gauge bio based and petrochemical based films for a wide range of Consumer Packaged Goods market segments and applications.

Harvi Basko, CFO, stated "We are very pleased and excited to partner with MidCap for our financing needs. The MidCap team took the time to understand our intricate global business and very quickly put together a financing solution to support our current needs and future growth. Each member of MidCap's team is very easy to work with and very responsive. MidCap has already demonstrated great customer services, professionalism, financing expertise and quick response time that is unparalleled compared to other lenders in the marketplace. We look forward to a great relationship with Midcap in the future."

The opportunity was sourced out of MidCap’s regional office in Baltimore,  MD.  Bruce Pavesich, Senior Vice President of MidCap Business Credit, LLC, said, "We were able to  provide a flexible Asset Based Line of Credit. Our new loan will be utilized to support the company’s growth trajectory and free up suppressed availability limited under the prior lender’s facility. We look forward to working with the company and helping them execute on their strategic plan and grow the business.”

MidCap Business Credit provides Asset Based credit facilities to small and middle market businesses nationwide, who have borrowing requirements from $3 million to $25 million.