After years of working as a Project Manager and then falling ill and requiring major brain surgery, Evelyn Johnson fully recovered and started McKinney Direct Care Services in 2016. McKinney Direct Care Services offers home health care services and on-site habilitation services for those with mental disabilities. Fast forward seven years to 2023, and there was a new project to manage…figuring out how to secure a location for the future.
Sometimes the dream of owning your practice location becomes an immediate need. In this case, the strip center where Evelyn and her staff provided on-site services had been sold. The new owner felt Evelyn’s business was not a good fit and would have required a significant increase to Evelyn’s rent if she remained. Evelyn knew they were at capacity with a long waitlist of potential patients that could be served if there was more space. She decided to embrace the opportunity to make a change. What could have been seen as an unfortunate situation turned into a huge win for this practice owner with the assistance of an SBA 7(a) loan.
Evelyn got the funds that were needed to purchase a property in McKinney, 3.5 miles from the old site. This hardly impacted her commute, and the new space was close enough to the old location that it kept travel time consistent for her existing client base. More patients who needed life-changing habilitation in the community received it because she had additional square footage to safely provide it. Ownership provided autonomy to make the interior better suited for the needs of her patients and staff. Speaking of staffing, additional jobs were created through this expansion. Finally, money that used to be spent on leasing space went toward building equity in a tangible asset.
Can an SBA loan help you on your professional journey? Please join Mindy Stodart of First Merchants Bank for an informative webinar on June 25 where she will present case studies and be available to answer your questions - Is a small business loan right for you
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