Dr. Eduardo Pignanelli's case study
“It used to be if you were a doctor, you would have no problem getting a loan,” says Dr. Eduardo Pignanelli, founder of Clinica Modelo de Especialistas in Manhattan’s primarily Hispanic Washington Heights section.
Despite the passage of the Small Business Jobs Act earlier this fall, challenges for small businesses – even doctors running successful medical practices – remain in securing capital for growth and expansion.
A native of Argentina, Dr. Pignanelli sought to expand his practice, which he has successfully operated for close to two decades. In order to remodel his original office and set up two new state-of-the-art facilities, he needed significant funding.
Yet, despite revenues of close to $7 million annually, Dr. Pignanelli had difficulty finding funding at a reasonable rate. He then approached Biz2Credit to help him obtain funds to construct his expanded facilities. Not only was the doctor able to secure funding from a lender with Biz2Credit's help, he also replaced his high cost of working capital.
- Dr. Pignanelli was able to raise over $4 million in funding at 6%.
- He received a line of credit at U.S. prime +1 (4.25%) -- replacing an existing line of 8.25%
- Clinica Modelo de Especialistas has created 15 new jobs in upper Manhattan.
Yet, despite revenues of close to $7 million annually, Dr. Pignanelli had difficulty finding funding at a reasonable rate. He then approached Biz2Credit to help him obtain funds to construct his expanded facilities and was able to raise over $4 million in funding at 6%.
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