Pitney Bowes Financial Services invests in growth capital of Medgluv, Inc.
Florida-based PPE company signs new credit facility for next stage of growth
pitney-bowes PBIa global shipping and courier company that provides technology, logistics and financial services, today announced that it has signed a new credit facility for Medgluv, Inc. of Coral Springs, Florida. Medgluv, a manufacturer and distributor of healthcare supplies, has seen an increase in demand for disposable medical gloves and PPE supplies over the past two years. Assurance of PPE supplies is essential for all of their healthcare and industrial customers. The new financing solutions will allow it to meet the continued demand and increase working capital to generate further growth.
Founded in 2001 by Jerry Leong, minority-owned company Medgluv grew revenue by more than 600% from 2019 to 2021 as it worked hard to meet growing demand for personal protective equipment during the coronavirus pandemic. COVID-19. During this time, Medgluv had to scale rapidly, but remained firmly committed to meeting the expectations of the healthcare industry. Rising shipping and logistics costs added pressure as goods were shipped from ports to warehouses to customer sites.
“This is a critical time in Medgluv’s growth journey, but it’s never been harder for companies like ours to access affordable and flexible capital,” said Jerry Leong, president and founder of Medgluv. Medgluv, Inc. “The team at Pitney Bowes Financial Services truly understood our business and our need for a quick turnaround and flexible capital. Restructuring our debt has given us flexibility and has already had a positive impact on our cash flow.”
“Jerry is an inspiring leader of a fantastic company,” said Christopher Johnson, Senior Vice President and President, Pitney Bowes Financial Services and member of the Bank’s Board of Directors. “Medgluv is on a rapid growth trajectory, but without working capital, costs could quickly spiral out of control. At Pitney Bowes, we have the commitment and ability to grow with Medgluv over time. Working with three quarters of million small business clients has given us unique insight; we understand Main Street and the specific challenges faced by minority-owned businesses. We have used this insight to build a portfolio of financial products specifically designed to increase liquidity, free up working capital and reduce shipping and logistics costs.”
About Pitney Bowes
pitney-bowes PBI is a global shipping and courier company that provides technology, logistics and financial services to more than 90% of Fortune 500 companies. Small businesses, retailers, corporations and governments around the world rely on Pitney Bowes to eliminate the complexity of sending mail. and parcels. For the latest news, company announcements and financial results, visit https://www.pitneybowes.com/us/newsroom.html. For more information, visit Pitney Bowes at www.pitneybowes.com.
Pitney Bowes Bank, Inc. (the Bank) is a subsidiary of Pitney Bowes Global Financial Services, LLC, which in turn is a subsidiary of Pitney Bowes Inc. The Bank is an FDIC-insured Utah industrial bank located in Salt Lake City, Utah. for over 23 years. The Bank has a national loan and deposit footprint.