Medallion Funding is one of the preeminent businesses involved in the financing of taxicab medallions, the necessary licenses required to operate taxis. The company primarily conducts business in New York, Boston, Chicago, Philadelphia and Baltimore. It also extends commercial loans used to support the working needs of taxi operators. Medallion Funding generally extends five-year term loans with amortization periods suited to the needs of individual businesses. The company is a subsidiary of Medallion Financial, a specialty finance organization that focuses on the taxicab industry. Its capabilities also include asset-based commercial loans and sub-debt financing.