Business Capital Inks Facility for Medical Transportation Company
Business Capital has secured a $500,000 senior secured credit facility for a California-based provider of ambulance services.
The client is a medical transportation company providing a comprehensive list of services that include critical care transport, basic life support, non-emergency and wheelchair transportation, and event standby services. The company’s customers include government agencies, hospitals, nursing homes, specialty healthcare facilities and dialysis centers.
Due to the combination of a rise in fuel costs and a projected increase in business from new contracts, the company required an infusion of working capital to meet the increased costs and demand for service. Considered a startup, it was not bankable.
“Despite facing the difficulties of being a newcomer to the transportation industry and facing the high cost of fuel, this company had new licenses and contracts with projections for increased revenue & profits within the year.” said Chuck Doyle, managing director of Business Capital. “We understand the challenges that emerging small businesses face, as well as opportunities. We were able to successfully underwrite this credit by presenting the full scope of their situation to credit committees to secure intelligently structured and affordable financing for our client.”
Business Capital is a national commercial finance and debt restructuring firm that specializes in business loans for small- to middle-market companies.