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H&M Health and Wellness
ID: ED 20140703
EDGE Loan Fund Loan
County Comission District: | City Council District:
EDGE Loan Fund Loan
County Comission District: | City Council District:
Summary
H & M Health and Wellness is seeking a $50,000 EDGE Loan Fund (ELF) loan to assist in the build out of a new clinic at 2840 Summer Oaks and to provide permanent working capital.The ELF loan would complete a combine $90,000 investment into the new Bartlett Clinic.
The newly-leased space is operated by Lolita Horton and Stephanie Martin and specializes in outpatient follow-up services, child physicals, sports physicals, weight-loss management, diabetes counseling and other medical testing needs. Horton is a certified nurse practitioner
with 10 years of experience and is licensed to accept TennCare.
Of the total ELF loan, $30,000 would assist H & M in the purchase of new medical equipment and interior renovations at the 2,000-square-foot clinic. The remaining $20,000 will be used for permanent working capital needs, such as advertising and other start-up expenses.
H & M anticipates the loan will assist the clinic to hire 1 new employee over the next 3 years at an annual average wage of $35,000.
Loan Term:
5 years
Interest Rate:
3.25%
Projected New Jobs:
1
Projected Retained Jobs:
Not applicable
Average Payroll:
$35,000
Loan Amount:
$50,000
Loan Use:
Permanent Working Capital
Total Projected Capital Investment:
$90,000
Real Property:
Not applicable
Acquisition:
Not applicable
Construction:
$60,000
Renovation:
Not applicable
Machinery & Equipment:
$10,000
Furniture, Fixtures, Office:
Not applicable
Equipment:
Not applicable
Fees & Soft Costs:
Not applicable
Permanent Working Capital:
$20,000
Miscellaneous:
Not applicable
Approved
7/10/2014
Closing
9/8/2014
H&M Health and Wellness
2840 Summer Oaks, Bartlett, TN 38134- Project Files
- Term Sheet
- Application
- Resolution
- Minutes
- Closing