It’s not news that health care continues to be one of the fastest growing business sectors.
This trend has been happening for at least the last decade, and includes doctors, nurses, pharmaceutical companies and medical centers. But it isn’t just trained medical personnel that are benefitting, but companies that provide the products they use.
The medical supplier business could be everything from high-end electronic equipment to basic tools that health care providers use on a regular basis, especially bulk disposable items.
Getting started as a medical supplier from scratch may be a challenge because you may need inventory at first.
But the good news is that there are a variety of lending options available, each with different interest rates, terms and availability of funding. These include:
- Conventional loans. A bank or credit union may like your business plan and your credit/financial history. Rates range from 6-10 percent, over 3-7 years. Funds could be available between two weeks to a month.
- SBA loans. The Small Business Administration offers financing options especially for people in the medical supplier field. Interest is typically 6-10 percent over 3-7 years. Funds are available between 10 to 30 days.
- Medical supply cash advances. If all you need is start-up funds rather than ongoing support, this type of loan could be a useful option. This figure could be based on projected future income and the value of your inventory. Rates could be as low as 1.16-1.55 over 3-24 months with money available by 1-3 days.
- Alternative medical supply loans. Private lenders can be found for people wanting to work in this field. Interest rates may be slightly higher than traditional loans, often 6-25 percent over 1-5 years, but the lenders will be more familiar with what you have planned and your goals. Funds could be available between 5 days and a week.
- Line of credit. If you want to have some funds available to use as needed, a line of credit might be useful. For a medical supplier, the range could be 5-15 percent over 1-3 years.
For more information on lending options visit Infinity Lending Solutions.