Medical Facility expands in NY with a $2.5M loan
An MRI company which was founded in 1986 in Forest Hills, New York was in need of new equipment to keep up with the technological advances in the medical field.
The Need
This imaging company needed help financing an extension to their facility and new equipment. The new additions would also mean that they would need to hire more employees to operate the equipment, and treat new patients.
Solution
After reviewing the owner's credit report and working with the imaging company's accountants, Biz2Credit was able to secure a line of credit from a lender using their Accounts Receivables.
Benefits
- Received $2.5 Million loan from one bank for the facility expansion.
- Amortized the loan over 25 years, which saved the company $40,000 a month.
- Revenue doubled in the first fiscal year.
- Hired 4 new employees, bought $1.75 million of new diagnostic equipment and the expansion of the facility enabled them to see another 8000 patients a year.
After reviewing the owner's credit report and working with the imaging company's accountants, Biz2Credit was able to secure a line of credit from a lender using their Accounts Receivables.
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