H&M Health and Wellness using $50,000 ELF loan to grow

Lolita Horton and Stephanie Martin, co-owners of H&M Health and Wellness in Bartlett, are using a recently awarded $50,000 loan from the Economic Development Growth Engine for Memphis and Shelby County (EDGE) to grow their new business.
 
The primary care clinic has enjoyed brisk business since opening one month ago, treating more than 75 new patients, and Martin expects to grow that number to more than 1,000 patients in the first few years.
 
"Many people out there are looking for that old-fashioned, old-style physician's office, and I think we are going to be able to offer that," says Martin. "We really love what we do. We love taking care of people."
 
She explains that the clinic is using its Facebook page and word of mouth to increase business.
 
"We've partnered with Bartlett schools and are doing a bunch of their football physicals, and we plan to reach out and partner with some of the other schools for their upcoming school year physicals as well," Martin says.
 
H&M plans to use $30,000 from the recent loan to assist in the purchase of new medical equipment and complete interior renovations of the 2,000-square-foot clinic at 2840 Summer Oaks Drive, and the remaining $20,000 will be used for permanent working capital needs, such as advertising and other start-up expenses.
 
"We need otoscopes, an ultrasound machine, speculums, thermometers and other general supplies, and we would like to have an EKG machine," says Horton, who hopes to keep the clinic independent and not align with any particular hospital system. 
 
Nurse practitioner Horton and clinical administrator Martin expect to add at least one more full-time employee (at an annual average wage of $35,000) to their three-person staff, possibly by the end of the year.
 
The newly formed EDGE Loan Fund (ELF) consists of $3.65 million from an EDA grant matched with $1.28 million from EDGE. Fixed interest rate loans for up to $250,000 are available to businesses throughout Memphis and Shelby County and can be used for the purchase, construction and renovation of property and equipment as well as for permanent working capital.
 
By Michael Waddell