MCF loans offer health businesses a lifeline
Every September 25, Tanzania and the world celebrate World Pharmacists Day with the aim of showcasing pharmacists’ positive impact on health around the world and to further strengthen solidarity among the profession.
The day’s importance will grow much more if only private healthcare providers are capable of accessing capital for improving health service to the needy.
As reliable access to finance has become a pressing challenge, the Medical Credit Fund (MCF), a subsidiary of PharmAccess and key medical debt financing stakeholder in the country has arisen like a guardian angel from the heavens to respond to the outcry.
MCF is the first and only fund dedicated to debt financing to healthcare companies in Africa driven by a strong goal to increase access to quality healthcare and stimulate investments in the health sector.
MCF combines loans with technical assistance to strengthen businesses and improve their service level using the SafeCare methodology for quality improvement. MCF holds offices in four African countries (Ghana, Kenya, Nigeria and Tanzania) and is headquartered in the Netherlands.
MCF works with a range of partners to help private healthcare clinics access affordable finance and support to improve the quality of healthcare they deliver.
It has successfully served clients since 2009, disbursing more than $150 million in loans to over 2,000 businesses.
Benefits accrued
Among other things, chances are when businesses apply for a loan with MCF, being automatically spared from operations or investment risks.
Less experienced health facilities can initially access smaller loans, reducing that one huge risk of over-stretching and increasing their chances of building a positive repayment track record.
Businesses can borrow up to €5 million with the loans being flexibly tailored to meet the client’s needs.
If that is not enough, as part of MCF’s Technical Assistance package, health facilities and pharmacies are directly enrolled into the SafeCare quality improvement program, receiving an assessment and quality improvement plan for the facility combined with hands-on training and support, monitoring and evaluation to strengthen your business.
Who is eligible for these loans?
Any established and registered health business with a strong performance record, operating for at least two years with audited financial statements to this effect.
A private company in the health sector, for example, a healthcare facility, a health or specialist care provider or a business catering to healthcare facilities is also eligible to apply for a loan.
Cash advance
Cash advance is a digital working capital solution specifically designed for businesses in the health sector.
Applying for the loan is easy. It runs up to 6 months. No collateral is required and the repayment schedule is flexible depending on your mobile revenues.
