Physical Therapy Clinic Capital - Cashfunders endorsed
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 34% |
| Lender Rate: | 18% | Borrower: | handsontherapist |
| Finished | State: | OH | |
| Funded: | 100% | Group: | Cashfunders For Individuals |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-27 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Nov 26, 2007 | Current |
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Purpose of loan: This loan will be used as startup capital for a new outpatient physical therapy clinic to open in Jan., 2008. Currently, residents of my hometown (over 8,000 population) must travel over 6 miles to the nearest clinic. This is unheard of in the industry, where many clinics are located within a mile of each other. For example, the 2 communities closest to us have a population of only about 17,000 residents each, yet are able to support 15 outpatient physical therapy clinics between them. Conservative projections have us acquiring a 40% market share within 18 months which translates into about 8 new patients per week. With a break-even point at the revenue generated by 4 new patients per week, this business has a high probability of financial success. My husband will act as primary treating therapist, and I will handle the billing and financial aspect on a part-time basis until revenues are adequate to allow me to transition to full-time. My husband has over 12 years experience as a clinician and manager in outpatient physical therapy and is currently the Rehab Director for a large health care system. I am also a health care professional and will maintain my full-time employment at a local hospital to assure a steady income during the startup phase of this venture. Initially, the clinic will be open M/W/F for patient care, allowing my husband to work part-time T/Th/Sa at a local skilled nursing facility to supplement our income. This will allow us to repay loans and cover living expenses. Arrangements have been made to lease most of the startup equipment and will allow repayment over time, as opposed to needing a large sum of money initially. This loan will be used to cover the startup expenses related to property renovation, legal and accounting fees, insurance, and also the operating expenses incurred until the break-even point is reached within 6 months. This clinic has been a dream of ours for a long time, to be able to serve a need in our community. We grew up here and have a solid reputation locally by being active in the school system and supporting community events. Residents here have demonstrated a strong loyalty to local small businesses. This will only serve to increase the probability of longevity and success of this venture. Thank you in advance for your kind consideration of this request. Monthly net income: $ 5000 Monthly expenses: $ Housing: $ 800 Insurance: $ 150 Car expenses: $ 450 Utilities: $ 125 Phone, cable, internet: $ 100 Food, entertainment: $ 125 Clothing, household expenses $ 100 Credit cards and other loans: $ 150 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 203456 | Physical Therapy Clinic Startup | A | $25,000 @ 18% | Sep 18, 2007 | Expired |
| 229863 | Physical Therapy Clinic Startup - Cashfunders endorsed | A | $25,000 @ 16% | Nov 12, 2007 | Withdrawn |
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