After serving in the U.S. Air Force for 20 years, Andrew Reinhardt was ready for the next chapter in his career. A former pilot, Andrew decided to focus on business in civilian life and was accepted to a top graduate school near Chicago, IL.
There, Andrew earned his MBA and began to explore different entrepreneurial opportunities. In 2020, he purchased a medical equipment company in Chicago and is now the owner of Advance Medical Equipment. And several months after acquiring the business in Chicago, Andrew and his father purchased a second location for Advanced Medical Equipment in St. Paul, MN.
Advance Medical Equipment specializes in providing a wide range of medical equipment and customized solutions for independent living. Their products include manual wheelchairs, hospital beds, CPAP machines, and more.
The vision of Andrew’s company is to be the industry leader in supplying essential home medical products and services for all members of the community, regardless of age, physical limitations, or socioeconomic status.
Business Acquisition Financing
Andrew connected with Community Reinvestment Fund, USA (CRF) while searching for financing to purchase the business in Chicago. In working with CRF, Andrew secured an SBA 7(a) loan used for the business acquisition costs of that location and for working capital.
“CRF stood out in terms of being the most responsive and willing to ask questions about what we were trying to do,” he recalled. “The type of business we were buying and the location fit CRF’s mission really well.”
Opening at the onset of the pandemic proved challenging, but Andrew pushed forward. While navigating these challenges he simultaneously rebranded the company, even hand drawing a new logo.
“We really wanted to put ourselves forward as being a services provider that provides a product when we are done,” Andrew said.
A Trusted Partner
As the business grew, Andrew sought additional financing for working capital. In 2023 he worked with CRF once again, this time securing a patient capital loan.
“We have a lot of bright opportunities ahead of us. Having the working capital that we need puts us in a much better position to continue growing in the way that we have,” Andrew said. “It’s given us the opportunity to focus on the marketing, the development, and the business growth.”
In working with CRF, Andrew has found that it is more than financing that has led to this continued partnership. It is the relationship he developed and a shared commitment to serving historically underserved communities.
“It really comes down to finding the best partnership match for your organization,” he said. “CRF has been a great partner because we have aligned incentives in terms of the communities we’re trying to serve.”
CRF is honored to work with Advance Medical Equipment, and we are grateful to Andrew for his service and the positive impact of his business in communities.
