Serving Allegany, Garrett, Washington Counties in Maryland
Larry Wegner of Hagerstown, MD contacted the SBDC in January of 2011 with an interest in opening a business that sells and rents respiratory and medical equipment to the general public. His product line would include mobility aids (wheelchairs, walkers, crutches), respiratory products (cpaps and bipaps, oxygen systems), and diabetic products (glucose monitors and supplies). The business would have a storefront to sell and rent products and will also offer delivery services. Larry feels that the business will be able to provide personal services that larger competitors in the industry are lacking. He has years of sales experience and felt this would really help the success of his business. In addition to him, the business will also have a consultant who has started a medical equipment business. In seeking a loan to start this business, Larry was referred to the SBDC office by a lender at M&T bank.
Alice Growden was the principal SBDC consultant to work with Larry on this project. She assisted him with start-up procedures and costs, as well as the creation of a business plan. Together they analyzed the project cost breakdown and assessed the financial resources required for this project. Some of their meetings also involved discussions with a former commercial lender, who was able to provide insight and advice regarding obtaining bank loans to help finance the project. After having worked with Alice Growden and the SBDC since January of 2011, Family Care Home Medical Equipment opened its doors in May 2011. With the help of the SBDC, Larry was able to compile the resources and information necessary to not only support his business plan, but put it into action. He was able to balance his expenses and secure a bank loan through M&T. This business venture has created four jobs within the Hagerstown community, and is also providing a valued service to the surrounding area.
Posted: February 07, 2019