MMP Capital, a commercial financing company specializing in equipment financing, leasing and unsecured capital, experienced an increase in originations in Q2/23, with total originations reaching nearly $100 million, marking a 26% year-over-year increase from the same period in 2022. The company also grew originations 47% from 2021 to 2022.
“This surge in originations speaks to both our commitment to providing exceptional service and products for our clients as well as our focus on continued innovation and expansion of our product offerings,” John-Paul Smolenski, president and CEO of MMP Capital, said. “Our team is confident that this upward trend will continue, as we remain dedicated to delivering the best services to our clients now and into the future.
“One key factor in our success has been the strong partnerships we have developed with several key vendors and lending partners. Most companies within the aesthetic medical space have struggled to maintain their numbers due to economic changes; however, MMP Capital has seen tremendous growth from various new vendors who chose to work with us for our ‘time is money’ approach. These vendors were pleasantly surprised at how much value and efficiency they gained by working with MMP Capital, as we can approve many of our customers’ applications in less than 30 minutes, compared to the competition which can typically take five to 10 business days, and for some local banks up to three to six months. The process is reminiscent of the early 90’s when people started using email instead of the postal service to mail letters.
“Another key to MMP’s success is character. In tough markets, companies are risk adverse, and frequently go with the sure thing. When it comes to aesthetic medical finance, MMP Capital is the gold standard. The tough economy has been hard for many lending companies, and has certainly tested the metal of many underwriters, who have exited the space because of inexperience in aesthetic medical, or not properly vetting out their broker referral sources.
“Our team takes pride in knowing our customers very well, knowing their business, and offering a personalized approach to each customer’s financing needs, which goes beyond merely ensuring they receive what they need. We strive to provide them with an unparalleled level of support throughout their entire loan process from start to finish. It is also very rewarding to work with many small business owners when they finance their first device and be a small part of their success while they build their business. It is a special feeling to build that relationship, and finance their 10th, 11th and 12th device and see how much they achieved in a three to 10 year period.
“It is important for us that we continue to build relationships with these vendors and ensure they recognize the immense value of regularly working with MMP Capital. We look forward to continuing our strong partnerships and growing the aesthetic medical finance industry together.”