Forums: Discussions for entrepreneurs and small business.

I am working on starting up an inpatient rehabilitation center.  By rehabilitation I am talking about physical not drug/alcohol.  I have prepared projections and have even found a perfect location, but I am lacking the startup capital.

I seem to remember hearing something about the the Federal Stimulus Plan (s) has/have money for starting healthcare related businesses.  Am I dreaming or does anyone know where I can find info on this?  I am in need of $7 - 10 million.  This includes buying the building & remodeling, Purchasing equipment, and having excess capital to cover costs while building the business.

Please help.  Thanks.

Dave,

Your profile says you are in OK, so start with the Oklahoma Department of Commerce. They should be able to answer your questions regarding financing, both state and local, that may be available to you. They may also have incentives available for your business.

Also, check for your local Economic Development Commission. Many EDCs are receiving block grants to then make loans or grants to businesses in specific areas.

Best regards,

Molly Donaldson

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Start Here. Go Far. LaunchX

I’m not sure going after stimulus money is such a great idea.

Those of us who tried to apply for a government grant or get an SBA loan can probably imagine what the process will be like; that is if there’s any money available for starting up healthcare related businesses, which I doubt.

From what I heard, and I can well be wrong about this, any programs that are designed to facilitate, foster, and help small business owners in the U.S. will be administered through the S.B.A. (Small Business Administration).

Given your jumbo capital requirements for your project I’m not sure if either agency is a viable lead. Do you really think you’ll need $7-$10 million to open a physical reha center? What’s wrong with renting a facility until you’ve proven your business model to work?

I’m not sure if you already completed a business plan for your project. If you didn’t, start there. Exploring funding sources isn’t going to yield any meaningful results unless you completed this fundamental task.

I hope this helps.

Mark

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Besides asking the local commerce chamber you can also approach venture capitalist or seek investment from enterpreneur. Besides that I must admit that for a start up the cost of 7-10 million dollars is a sizable amount.

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