The medical industry is extremely large, and it will continue to grow as the population constantly expands, life expectancy ages rise, and America continues to age, with health needs correlated to longer lifetimes. The U.S. medical suppliers and equipment manufacturers sector is correspondingly large with over 13,000 firms and annual revenues of over $92 billion reported.

Uses of Loans by Medical Suppliers

Every type of enterprise requires funding to operate, thrive, and grow. That is certainly the case for medical suppliers and equipment manufacturers which need funds for:

Cash flow. There are plenty of issues that impact cash flow including personnel costs, equipment and supplies costs, collections, and receivables.
Purchases of medical supplies and equipment.
Business debt consolidation.
Software and technology upgrades.

Available Loan Sources for Medical Suppliers

Loan sources include:

Long-term business loans which provide a lump sum upfront and repayment terms from 2 to 7 years. These loans require a significant amount of paperwork, high credit standards, and typically two or more years of solid business history.

Conventional short term business financing provided by banks or credit unions. These loans typically need to be repaid in 6 to 18 months and offer faster cash which can be a very handy option for financing working capital, renovations, inventory, and equipment purchases.

Medical supply SBA loans. SBA loans provide fixed-rate financing at attractive interest rates and repayment terms.

Equipment loans. Loans for equipment can come in the form of leasing or term loans with the equipment used as collateral.

Business lines of credit. A business line of credit works somewhat like a credit card in that it is a revolving line of credit that allows an enterprise to draw money out and then repay it, including interest, then to have the funds replenished and reused repeatedly during the term of the loan.

Seek Expert Financial Assistance

Contact Increase Lending for financial solutions to address your cash flow needs and growth goals. Our experienced financial professionals can help you secure funding to meet your business’s financial needs.