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Equipment Financing Options for Healthcare & Medical Companies

Equipment Financing Options for Healthcare & Medical Companies
Equipment Financing Options for Healthcare & Medical Companies

With the ever-evolving nature of the healthcare industry, having access to state-of-the-art equipment is crucial for improving patient outcomes and staying competitive. Are you a healthcare or medical company needing new equipment?

Whether you are a small clinic or a large hospital, finding the right funding solution can significantly impact your ability to invest in the latest medical technology and equipment.

Customers Bank will explore our flexible financing options in this article to help you keep your equipment up-to-date and achieve better healthcare outcomes.

Equipment Financing from Customers Bank

Selecting the right equipment financing provider ensures a smooth and successful financing experience.

As a super-community bank with over $22 billion in assets, Customers Bank offers commercial and consumer banking services nationwide.

We provide clients with the best of both worlds: the industry knowledge, responsiveness, and personal service of a specialty finance company, coupled with the financial strength, stability, and low cost of funds of a growing bank. Our team has deep industry knowledge and decades of experience building solutions that work for you.

We are a leading provider of machinery and equipment financing to businesses of all sizes. The loans can generally be used to purchase new or used equipment. Some of the loans available from us include:

Equipment Loans

When a vendor doesn’t offer to finance your equipment, or you believe you may find better terms elsewhere, equipment loans from a bank or credit union are a great choice. They typically offer fixed interest rates and three to seven-year repayment terms. Depending on your creditworthiness, loan amounts can range from $25,000 to $5 million.

Shop for interest rates and loan terms from multiple banks, choose the most attractive financing option and purchase the equipment you need outright.

Term Loans

Term loans are an excellent funding source for expenses beyond the day-to-day cost of doing business. For example, when you need to buy new equipment or invest in technology infrastructure that a credit card won’t cover, these loans can help you make large purchases while keeping operations steady.

You would borrow a lump sum from a lender like Customers Bank and then pay it back with interest over a set period. Loan amounts and terms will vary based on the lender and your credit history, the purpose of the loan, and the amount you borrow.

SBA Guaranteed Loans

For affordable rates, competitive terms, and attentive, friendly service from start to finish, take advantage of Customer Bank’s SBA Preferred lender status and consider an SBA loan:

  • SBA 7(a) Loans: SBA 7(a) loans can be used to buy healthcare equipment. These are short- or long-term loans and generally have low interest rates. SBA 7(a) loans are usually available in amounts up to $5 million with below-market fixed interest rates
  • CDC/SBA 504 Loans: Equipment and other machinery with a useful life of 10 or more years can be purchased with an SBA 504 equipment loan with as little as 10% down at below-market fixed interest rates.

Final Thoughts

Customers Bank understands the commitment it takes to make your business successful. Using loans for equipment financing is common. It’s not something reserved for startups or struggling businesses. Many profitable healthcare and medical companies with healthy cash flows choose commercial business equipment loans to meet their growth needs.

Our expert financing professionals bring an intimate understanding of the products, processes, and challenges of the markets we serve. Talk with our knowledgeable financing team today to find the right equipment financing options for healthcare and medical companies.