Repeat borrower for mental health practice financing in Ohio
Discover how a mental health services center achieved operational funding to expand growth in Canton, Ohio.
Loan Amount
$1,148,300
Loan Purpose
The Small Business
The Financing Challenge
A young mental health and wellness services center sold Ready Capital on their vision, and it paid off. Just two years into business, operating under an existing
SBA 7(a) loan from Ready Capital, the center was full to the gills. It was a true measure of their ability to build trust in their community and deliver results.
There was just one problem: growth this rapid could make it harder for the borrower to get the financing they’d need.
SBA 7(a) Loan Scenario
Here's what our borrower brought to Ready Capital
Since they’d reached capacity at seven office spaces, the borrower had to limit their marketing to certain zip codes despite the opportunity to expand.
They estimated they would need to onboard between 100-200 new counselors to meet current demand in their area.
The business was green. A track record so short could make them a risky bet.
The loan would be unsecured. The existing loan had tapped the borrower out of available collateral.
CREATIVE SOLUTION
Reliable Results
- Locked in $1,148,300 of SBA 7(a) practice financing, covering the cost of a second location’s renovation and equipment.
- Included in the financing total was $548,423 for working capital to help the borrower hit the ground running with new staff salaries, expanded marketing efforts, and other operating costs.
- The borrower’s closing costs including the SBA guaranty fee were also rolled into the total.
The Non-Bank SBA Preferred Lender Difference
A small business loan is not an empty box like a checking or savings account. No two small businesses are alike when it comes to their financing needs. This means that small business financing requires out-of-the-box thinking and capabilities many banks simply can’t offer.
Ready Capital is a non-bank, SBA preferred lending partner (PLP). We speak fluent small business and have the process in place to help them reach their goals the first time.