What happens when you see an industry need and want to fill it with a new product or service but need funding to make it happen? Movemints® started as a personal project. Pittsburgh-based orthodontist, Dr. Dave Pechersky, was mid-treatment with clear aligners and found other aligner accessories to be, well... gross. Together with his business partner, Dr. Pechersky embarked on a five-year R&D journey, perfecting every aspect of their breath-freshening mint for patients with aligners from functionality to flavor.
Dr. Pechersky had utilized a considerable amount of personal capital when they hit the milestone of over 20 million mints sold. He decided to expand their flavors to include orange and mint chocolate and chose SBA lending as a path forward. With an SBA loan he was also able to hire a full-time sales representative and secure a large amount of inventory, maximizing profits as sales channels were expanded. All of this was funded without further drawing on his personal accounts.
Through an SBA 7(a) loan with a 10-year term and low monthly payments, Movemints® continued their upward trends in revenue and profitability. Over the past two years, they expanded their offerings to patients with aligner cleaning tablets and tooth whitening foam. The future is bright.
Is an SBA loan the right choice for funding the growth of your practice? Call Mindy Stodart, Business Development Officer, at First Merchants Bank, (513) 235-5113 or email: mstodart@firstmerchants.com
Read Comments