PORTSMOUTH, N.H. - Direct Capital, a leading nationwide provider of equipment leasing and financing, has taken several key steps to expand its Medical Equipment Finance Division.

The company has announced that it will allocate nearly $68 million in lending capacity to immediately provide more substantial financing programs to vendors that sell medical, dental, and veterinary equipment. The program allows financing from as low as $2,000 up to about $250,000, Paul Ringuette, Vice President of Sales for Direct Capital, told DOTmed News.

"We have been able to, in probably the worst market imaginable, not only renew but add a new lending facility. This is all 'dry powder'--available money to go out to the market right now," said Ringuette.
"With the significant expansion of our finance capacity over the last several months, we have identified several key verticals in which we want to substantially increase our investments. Our Medical Equipment Finance Division is one of our strongest performing and fastest growing vendor programs and we are excited to build on our success in this sector."

Leasing and financing are great options right now, at a time when doctors want to hold on to cash. Hospitals and institutions use financing options from their operating budget lines instead of tapping capital equipment budgets. Many vendors and manufacturers that have been abandoned by other financial sources will tap these new funds for their health care provider clients. And Direct Capital Corporation will back used equipment transactions.

"We can finance new and refurbished. Most sources won't. We have that ability and the ability to finance start-up medical practices," Ringuette said. "It is very difficult to find a source if you have not been in business two or more years. We still have an appetite for those [clients] because they have historically performed well."

"We continue to see more and more medical equipment vendors experiencing pain in securing reliable financing programs for their customers," said Ringuette. "This is another void that we are well positioned to fill and we are excited to speak with any vendors in this space that wish to deliver a more comprehensive financing program."

New Staff Support Effort

In addition, the company has hired three new vendor sales executives with significant medical equipment financing and leasing experience.

The company recently hired Regis Gallagher, Laura Anderson, and Erik Mohler to develop new finance programs specifically for health care equipment sellers. All three of these sales executives are well established in the medical equipment finance space and the equipment leasing industry in general. With these hires, the company now has sales offices in New York, California, Atlanta, Chicago, Detroit, Ohio, Iowa, and New Hampshire.

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