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LQD Business Finance Closes $2MM ABL Line of Credit for Clinical Lab

April 20, 2020, 08:00 AM
Filed Under: Medical

LQD Business Finance closed on a $2.0M asset-based line of credit with a clinical laboratory, regionally located in the southeast part of the nation. Even amid the COVID-19 related social distancing, the LQD Finance team was able to fully underwrite and close the transaction in approximately 5 weeks. With the country reaching the peak of the COVID-19 crisis, the laboratory is able to utilize the funds to increase the nation’s COVID-19 testing capacity.

The company is a “highly complex" licensed clinical laboratory utilizing the latest generation of specialized molecular testing equipment to focus on diagnosis and treatment through next generation DNA testing for RPP, GPP, urinarily tract infections and other pathogens in addition to COVID-19. The company’s capital needs were similarly complex and required financing that would accommodate both working capital needs relating to billing and collection cycles and capital investment needs related to lab expansion and the purchasing of additional equipment. LQD Finance was able to provide a single comprehensive facility that met all the company’s needs, allowing the company to further its next generation research, testing and treatments for patients.

LQD Business Finance is a Chicago-based tech-enabled business lender, founded in 2014 on the notion there was a gap in the micro-middle market.

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