MidCap Financial Receives SBIC License
Dec 14, 2010, 11:36 ET
BETHESDA, Md., Dec. 14, 2010 /PRNewswire/ -- MidCap Financial Holdings, LLC ("MidCap"), a healthcare focused commercial finance company, is pleased to announce that its subsidiary, MidCap Financial SBIC, L.P., ("MidCap SBIC "), has received a license from the United States Small Business Administration ("SBA") to operate as a Small Business Investment Company ("SBIC"). The license will allow MidCap SBIC to provide financing to qualifying small businesses in the healthcare sector.
MidCap is committing $50 million of equity to the SBIC, which combined with $100 million of ten-year debt from the SBA, will provide $150 million of capital to serve MidCap's borrowers. Steve Curwin, Principal of the SBIC and Chief Credit and Risk Officer of MidCap, stated, "We are very pleased to receive our SBIC license. The SBA was a pleasure to work with throughout the application process. The SBIC is an excellent strategic fit for our business and will enable us to provide growth financing to drug discovery and other qualifying healthcare companies throughout the United States."
Howard Widra, MidCap's Chief Executive Officer, added, "The SBIC will provide an additional financing solution for our clients. As we continue to significantly expand MidCap's capital base, we further ensure our capacity to meet the strong demand for credit in healthcare's middle market."
The MidCap SBIC will primarily target senior loans in the broad-based healthcare market across MidCap's four product lines.
About MidCap Financial, LLC
MidCap Financial is a commercial finance company focused on middle market lending in the broad national healthcare industry. MidCap specializes in $5 million to $200 million loans. The company is headquartered in Bethesda, MD, with offices in Chicago and Los Angeles, and focuses in four areas:
-Working Capital loans to healthcare providers collateralized by third-party accounts receivable and other assets;
-Life Sciences loans, primarily to pharmaceutical, biotech, and medical device companies;
-Real Estate loans to senior housing, skilled nursing facilities, and medical office buildings; and
-Leveraged loans to healthcare companies backed by private equity sponsors.
Additional information about MidCap Financial can be found at www.midcapfinancial.com
SOURCE MidCap Financial, LLC
Share this article