MidCap Business Credit completed a $5 million asset-based credit facility for Blonder Tongue Laboratories.
Headquartered in Old Bridge, NJ, Blonder Tongue is the oldest designer and manufacturer of cable television video transmission technology in the U.S. Most of its products continue to be designed and built in their state-of-the-art New Jersey facility, as it’s done for the last 50 years.
Eric S. Skolnik, Blonder Tongue chief financial officer, commented, “We are very pleased with the terms that MidCap has made available to us under the new facility. We believe that the funding terms will improve our liquidity and provide us with greater working capital to help fund our current and planned future operations.”
The opportunity originated in MidCap’s regional office in Baltimore.
Bruce Pavesich, senior vice president of MidCap, said, “We were able to provide a flexible asset based line of Credit and increase the availability of company’s prior bank credit 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 $2 million to $15 million.
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