MIAMI, May 3, 2024 – eCapital Corp. (“eCapital”), a leading tech-enabled finance provider specializing in tailored solutions for businesses across North America and the United Kingdom, is pleased to announce the closing of a $5 million factoring facility for a private equity-backed medical supply company.
The client, a Canadian-based medical supply company selling products to the biomedical and pharmaceutical industries in Canada, Europe, and the U.S., recently obtained FDA approval for its main product, complementing existing approvals from Health Canada and the European Union. With this significant milestone, the company, projecting a surge in U.S. sales, required additional working capital to ramp up inventory and receivables to meet the anticipated demand.
Facing resistance from their previous lender, which declined to increase exposure due to recent losses, the client turned to eCapital for a solution. Leveraging its expertise and extensive network, eCapital collaborated closely with Canada Economic Development Corp., Investissement Québec Inc., Business Development Bank of Canada, and the client’s real estate lender to provide refinancing and additional capital necessary for the company to execute its growth strategy.
Tom Siska, SVP, Commercial Finance, emphasized, “At eCapital, we’ve mastered the art of collaboration across borders to secure vital financing for companies like this Canadian medical supplier. While many factors primarily finance U.S. clients, our unique capability to fund Canadian-based clients is just one aspect that sets us apart. Our adeptness in navigating complex deals highlights our expertise and unwavering commitment to supporting businesses during pivotal growth phases.”
About eCapital Corp
eCapital is committed to accelerating access to capital for companies in the United States, Canada, and the U.K. By leveraging a team of over 700 experts and proprietary, industry-leading technology, eCapital is creating the future of business funding. With a full suite of products such as freight factoring, invoice factoring, healthcare receivables financing, asset-based lending, payroll funding, and equipment refinancing, eCapital ensures that businesses have the funds they need to do more. Through its Healthcare, Transportation, Staffing, Consumer Goods, Factoring, and ABL divisions, eCapital delivers customized funding solutions for over 80 industries. To learn more about eCapital, visit eCapital.com.