Wednesday, February 10, 2016
Small Business Success Story -Lake Champlain Physical Therapy
Each year the New York Small Business Development Center recognizes outstanding small businesses in a variety of ways. This Success Story from the North Country SBDC appears in our 2015 Annual Report.
Lake Champlain Physical Therapy is a new clinic in Crown Point owned and operated by Leonardo Lopes-Gomes, a board-certified physical therapist. When working at a local hospital, Leo noticed that patients were willing to wait two to three weeks to schedule an appointment with him, and was inspired to start his own successful practice. After eight years at the hospital, Leo took the plunge and decided to start his own business. Lake Champlain Physical Therapy offers outpatient physical therapy treatments. Leo may expand the practice in the future to include other therapies and wellness services such as massage therapy, acupuncture, fitness classes and wellness programs.
Due to limited collateral, the bank required an SBA guarantee to facilitate lending. Leo visited the North Country SBDC for assistance in preparing a business plan and financial projections to secure funding. Advisor Angela Smith worked with Leo to carefully identify all startup costs and research the local market to build realistic financial projections for this rural practice.
The outcome was a well rounded business plan and financials, which resulted in the approval of a $50,000 7(a) SBA guaranteed loan though Glens Falls National Bank. A happy Leo commented, “The SBDC provided me with invaluable service! Excellent feedback, advice, attentive and the bank said it was the best business plan they ever saw.” Lake Champlain Physical Therapy offers a full-range of physical rehab services for the general population in the greater Southern Essex County & Ticonderoga Area with offer state of art equipment and personalized one-on-one physical therapy.