Financing Available for Medical Suppliers and Manufacturers
If you own a medical supply business, you are a part of a booming industry. Medical facilities such as doctors’ offices and hospitals rely on businesses like yours to provide them with the instruments and equipment they need to make people well. If you want to expand your business, there are several funding options available.
Small Business Loans
Many smaller companies benefit from SBA loans. As long as you meet their criteria, which include being a for-profit business based in the USA, you may be approved for this type of loan. The Small Business Administration secures part of the loan amount. This results in a lower risk for the lender and thus more generous terms for you, the borrower. It can be used to expand your business so that you can increase your earning potential.
Your medical supply business may qualify for conventional funding from a credit union or bank. You can apply for a business loan to increase your working capital or refinance another loan. You may also be approved for a line of credit, which lets you borrow only the exact amount you need and leaves the rest of the approved amount available if you should need it later. This type of financing often allows you to lock in the current market APR on the money you borrow for the life of the loan.
A merchant cash advance allows you to capitalize on projected future business. You may be able to sell the future receivables of your medical supply business to fund your current needs. This type of financing also has the benefit of a fast approval process. You can typically go from application submission to receiving the cash you need within 1-3 business days.
Other types of fast lending include loans and lines of credit. The approval process doesn’t take as long, so you can get money more quickly. Because of the increased risk factor to the lender that this expedited process entails, the terms and loan limits may be less attractive than with a more conventional funding method. If getting the money quickly is more important to you than getting a good interest rate, however, this may be the best option.
No matter what type of lending you pursue, there are many choices available for financing your medical supply business. Research your options and shop around to get the best deal at the best rate that suits your particular needs.