Allied Affiliated Funding Provides $1,800,000 in Accounts Receivables Financing for Medical Equipment Company – September 2, 2020
Date Funded: August 10, 2020
The Company: This Ohio-based company contracts with orthopedic practices to manage their durable medical equipment program that includes items such as wheelchairs, knee braces, crutches, etc. The company has had a rocky few years, but coming into 2020, they were on track for positive cash flow and continued growth… and then COVID-19 hit. With the pandemic creating a delay in elective surgeries and thus in sales, their traditional bank lender was no longer able to keep their revolving line in place.
The Solution: The bank referred the transaction to Allied, knowing that Allied could help structure a solution that could free up funds to help get the company back on track and still have the working capital they need to support the business.
The Win: This Funding by Allied will give the company the working capital they need to help them easily make payroll now that elective surgeries have surged after being backlogged during these uncertain times. This will allow them to grow their company post-pandemic, while continuing to work with their existing banker through their depository relationship.