Loan Request Summary
The purpose of this document is to request a business loan of $250,000 for the purpose of purchasing an existing and growing medical practice in Slidell, LA. The business was established in 2001 through the financial backing of a financier, and it is my desire to use the loan proceeds to purchase the business so that I can become its sole owner. The equity for this loan is the existing practice along with the fixed assets and accounts receivables.
As is revealed by the attached resume, the owner would be Dr. Michael D. Wright. I completed the Southern University School of Podiatric Medicine and then completed my residency from 1998-01 at the Podiatry Hospital of Slidell. The three-year Podiatric Surgical Residency program which I completed has equipped me with unique expertise which is in much demand not only in my market area but throughout the state
The practice which I have established includes a practice through which I see patients on a daily basis. This includes daily monitoring of patients with patients being seen on Monday through Thursday with surgery on Friday. I am also on call and am known for my cheerful willingness to respond to emergencies, such as the urgent need to perform surgery on the foot or ankle when someone has been in a car accident.
I have become known for my skill in performing reconstructive surgery of the foot and ankle. My strategy at all times is to provide the finest care so that I can grow the business by word of mouth because of my reputation as a superior doctor and highly skilled surgeon. In terms of short-term goals, my goal is to increase my number of surgeries, which is the high ticket and high-profile aspect of my business
Since the business is a medical practice with surgical components and physical therapy, the demand for the services I provide is already strong with demand expected to be stronger in the future. Simultaneously, the market is growing. Although there really are no cyclical trends in medicine, I have found that profits are marginally weaker in the winter months, although the difference is slight. With the aging baby boom generation experiencing arthritis, diabetes, and numerous other ailments which tend to bring patients to podiatrists, I forecast a strong and growing demand for the services I provide.
The Slidell community and the Chamber of Commerce have both welcomed me with open arms. The Slidell area is growing, but I also network aggressively with doctors in Baton Rouge who are viable sources of referral for surgery and medical care. The Slidell area has one other podiatrist, with whom I have an excellent relationship and who refers patients to me for medical treatment and surgery.
My strategy is to develop a growing reputation as a skilled surgeon who is highly regarded by the general public as well as the medical community. I believe I am poised to expand on the quality reputation of The Center for Podiatry & Sports Medicine.