Pitney Bowes Financial Services signed a new credit facility for Medgluv, a manufacturer and distributor of healthcare supplies based in Coral Springs, FL.
Medgluv has experienced a surge in demand for personal protective equipment over the past two years. The new financing solution from Pitney Bowes will enable Medgluv to meet the demand and generate further growth.
Jerry Leong founded Medgluv, which is a minority-owned business, in 2001 and grew revenue more than 600% from 2019 to 2021 as it worked to meet surging demand for PPE during the first feew years of the COVID-19 pandemic.
“This is a critical time in Medgluv’s growth journey, but It has never been harder for businesses like ours to access affordable, flexible capital,” Leong, who is the president of Medgluv, said. “The team from Pitney Bowes Financial Services really understood our business and our need for a fast turnaround and flexible capital. Restructuring our debt has given us flexibility and has already had a positive impact on our cash flow.”
“Jerry is an inspiring leader of a fantastic business,” Christopher Johnson, senior vice president and president of Pitney Bowes Financial Services and board member of Pitney Bowes, said. “Medgluv is on a rapid growth trajectory, but without working capital, costs could quickly spiral out of control. At Pitney Bowes, we have the commitment and ability to grow with Medgluv over time. Working with three quarters of a million small business clients has given us unique insight; we understand Main Street and the specific challenges faced by minority-owned business. We’ve used this insight to craft a portfolio of financial products specifically designed to boost liquidity, free up working capital and drive down shipping and logistics costs.”
