Pitney Bowes Inc., a global shipping and mailing company that provides technology, logistics and financial services, announced it has signed a new credit facility for Medgluv, Inc. of Coral Springs, FL. Medgluv, a manufacturer and distributor of healthcare supplies, has experienced a surge in demand of disposable medical gloves and PPE supplies over the past two years. Assurance supplies of PPE is key to all their customers in the healthcare and industrial space. The new finance solutions will enable it to meet continuing demand and boost working capital to generate further growth.
Founded in 2001 by Jerry Leong, minority-owned business Medgluv grew revenue more than 600 percent from 2019 to 2021 as it worked hard to meet surging demand for personal protective equipment during the COVID-19 pandemic. During this time Medgluv had to grow rapidly at scale but remained firmly committed to delivering against the Healthcare Industry’s expectations. Rising shipping and logistics costs added pressure, as goods were shipped from ports to warehouses to clients’ sites.
“This is a critical time in Medgluv’s growth journey, but It has never been harder for businesses like ours to access affordable, flexible capital,” said Jerry Leong, President and Founder, Medgluv, Inc. “The team from Pitney Bowes Financial Services really understood our business and our need for a fast turnaround and flexible capital. Restructuring our debt has given us flexibility and has already had a positive impact on our cashflow.”
“Jerry is an inspiring leader of a fantastic business,” said Christopher Johnson, Senior Vice President and President, Pitney Bowes Financial Services and Board member of the Bank. “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 a million small business clients has given us unique insight; we understand Main Street and the specific challenges faced by minority owned business. We’ve used this insight to craft a portfolio of financial products specifically designed to boost liquidity, free up working capital and drive down shipping and logistics costs.”