Biz2credit in medical

Dr. Michael E. Jackson, MD

Dr. Michael E. Jackson, MD, has served the Brooklyn community for the past 16 years. Unfortunately, Dr. Jackson paid unscrupulous loan brokers who took money from him but did not secure any financing. He engaged Biz2Credit and secured commitments for funding at lower rates from two different lenders.

Funding has been approved by NY-based non for profit lender whose mission is to help minority-owned businesses, and a California-based community bank.

These are lenders that the doctor would never thought to have approach were it not for Biz2Credit's platform connecting small business borrowers with financial institutions whose lending criteria they meet.

Medical Facility expands in NY with a $2.5M loan

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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.

Medical facility:

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 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.

Medical Practice Expands in a New Facility with 504 loan

Financing Need:

Biz2Credit analyzed the current and past business and personal tax returns as well as the personal financial statements and concluded that the medical practice would be best suited to get a 504 (a) loan for $4 million.

In order to do that Biz2Credit negotiated with couple of banks for $2million loan and also got approval for $2million from NYCDC (504 participating lender).

Besides this, Biz2Credit helped the business to replace their high cost working capital line with a lower cost line to a tune of $1 million.

Financial Solution

Biz2Credit also helped the business to prepare a business plan as well as financial projections for next 2 years in order to set the business to get increased working capital line every 6 months down the line.

Benefits: The Medical Practice was able to lower to raise over $4million funding at 6%.

The line of credit was sanctioned at US prime plus 1 (4.25%) replacing existing high cost line (8.25%) The business has been set up for further increases in line of credit every 6 months. The practice has created 15 new jobs in upper Manhattan.

Biz2Credit Helps Pharma Company Secure $575k SBA-Backed Loan

In order to market and distribute the drugs, the doctors needed working capital to recruit marketing staff as well as set up the infrastructure needed to handle all the sales calls.

The company approached Biz2Credit to help raise debt financing. Its main challenges were that it had incurred had $2 million in losses during in last 2 years due to initial R&D) and lacked a revenue stream.

Doctors approached Biz2Credit to help them in raising debt financing for the company which has losses in last 2 years due to initial R&D to a tune of $2 million. These huge losses and lack of any revenue was making banks extremely hesitant in giving any kind of financing to the company.

Benefits

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Biz2Credit advised the company to amortize the R&D expenses over 5 years and to get an industry valuation for the FDA license.

Vista Pharmaceuticalsestablish strong business credit which will help it secure conventional funding.

The company has created 5 jobs already

Vista Pharmaceuticals obtained $575k in working capital at a low interest rate (6%).

Medical Transcription Company Expands Business with a Secured Line of Credit

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.An entrepreneur owns and operates a medical transcription company with annual revenues around $1.3 million in 2006. The company is head quartered in New Jersey.

Need:In response to declining margins, the owner wanted to expand business volume by hiring a new sales team and adding clients.

After reviewing the business and personal financials of the entrepreneur, Biz2Credit recommended taking a line of credit against the strength of the business and personal credit of the owner.

Biz2Credit surveyed various lending options and targeted two lending institutions. The owner received the line of credit at a rate of prime.

Results:

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. Received a line of credit of $300,000 within 21 days Line provided at prime rate

Benefits:

Additional working capital to service new clients Flexibility to increase sales force, invest in IT infrastructure Ability to secure long term contracts with hospitals and clinics Increased annual revenues by over $350,000

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