The division, called eCapital Healthcare, will offer asset-backed lending to healthcare providers including hospitals, nursing homes, home-health providers and behavioral health providers, according to the announcement.
Its healthcare division will be led by industry veteran Tim Peters, who will become the CEO of eCapital’s healthcare division. The move follows eCapital’s May acquisition of CNH Finance, which Peters led.
In a statement, Peters said that “eCapital Healthcare builds on the strong legacy of CNH Finance, bringing increased focus, capital, and technology to grow the division and allow us to reach and help even more healthcare businesses achieve long-term success.”
With the new division, eCapital arranges lending to companies in more than 80 industries, according to the announcement. ECapital currently works with companies in the United States, Canada and England.
In addition to asset-based lending, eCapital provides freight factoring, invoice factoring, lines of credit, payroll funding and equipment financing, according to marketing materials. Divisions in addition to healthcare include transportation, staffing, wellness and commercial finance.
ECapital initially moved into the U.K. in 2020, following the acquisition of England’s Advantedge Commercial Finance, which brought offices in the Thames Valley, Newport, Manchester, the Midlands and Glasgow. Advantedge, like eCapital, served small- to medium-sized businesses while specializing in services like invoice factoring.
Factoring — the purchase of receivables at a discounted rate — has been controversial, but the practice gained new acceptance after it helped businesses survive during the COVID-19 pandemic.