A medical equipment distribution company has been in business for 2 years. From 2006 to 2007, the company's revenue grew by over 900 percent. Low sales in the first year of the business prevented the company from getting a line of credit from a traditional bank. Therefore, the owner is forced to finance business expansion with high cost loans from vendors.
The business owner wanted an inexpensive source of funding to replace the high cost vendor financing.
Based on the estimated value of the accounts receivable, Biz2Credit suggested using a line of credit against the business's accounts receivables. The company was suggested to leverage 85 percent of receivables to service new accounts and manage increased billings from existing clients with cheaper funding.
Medical Equipment Distributor received $150,000 at prime plus 2 in 15 days
"The turnaround time for funding was quick with Biz2Credit," Raza told us. "As soon as they got our information we had a decision - there was no waiting period like I experienced with other lenders."
Raza and David Bolos
"Dr. Gautam came across Biz2Credit after seeing multiple TV commercials and figured he'd give it a shot. After submitting the application and speaking with his Case Manager, he was funded $350,000 within 48 hours."
Dr. Ravindra Gautam
"Biz2Credit saved the day and 48 hours later, I had the keys to my new fitness studio in my hand," said Zadeh. "I don't know how Joe did what he did for me, but I'm thankful for his help. He even got me an easy repaymen