Existing customer Molecular Testing Labs needed additional laboratory testing equipment fast as demands soared due to COVID-19 concerns. NFS Leasing was able to complete an equipment finance agreement quickly supporting their opportunity to meet the customer’s demand.
Molecular offers products that eliminate the traditional barriers to testing and treatment. Its mission is to provide accessible and innovative laboratory solutions by revolutionizing access to convenient and affordable testing. With the unexpected challenges of 2020, Molecular was forced to react to new testing demands and faced an immediate need for more, unbudgeted testing equipment. They required fast financing with flexibility on their terms, and NFS Leasing was a perfect partner. The equipment financed assists in SARS-CoV-2 antibody testing.
“Healthcare is always evolving to meet consumer demands,” Rich Vassallo, vice president of Business Development at NFS Leasing, said. “Finding partners like Molecular that are leading the revolution in healthcare is a key strategy for NFS. The need to move quickly to capture the opportunity meant fast and flexible equipment financing was a priority.”
“The increase in demand happened almost overnight and we needed to move quickly to seize the opportunity,” Varun Kumar, senior financial analyst at Molecular Testing Labs, said. “NFS understood the situation we were facing, and the team worked diligently to ensure the agreement was completed on time. The agreement was flexible enough to allow us to continue with little disruption to our business. Combining speed and flexibility for an equipment finance agreement is what made NFS Leasing the perfect partner for us.”