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H&M Health and Wellness

ID: ED20140703
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