Friends for Life Veterinary Care is a start-up vet clinic located at 273 Grandview Avenue in Honesdale, Wayne County, PA. Amy Platko-Williams is the 100% owner of the business, she received her Doctor of Veterinary Medicine from Michigan State University. The project includes financing for the purchase of equipment to be used at the leased location. NEPA Alliance provided a Tri-District and USDA RMAP loan for a total of $125,000 for 5 years. Wayne Bank is the participating lender in the transaction, along with financing provided by the equipment wholesaler that provided the equipment to the borrower.
This project included two regional PREP partners: First, The University of Scranton Small Business Development Center assisted Ms. Platko-Williams with her business plan, projections and written assumptions for the project. These items were used by NEPA Alliance in their loan underwriting which ultimately lead to loan approval and closing on the equipment. Secondly, loan fees were paid through a grant from the Wayne County Economic Growth Fund. This fund provides grants to for-profit entities for the purpose of undertaking activities that will encourage and support economic growth and job creation within Wayne County, PA. The program is administered by WEDCO on behalf of the County Commissioners. Through this program, businesses may be awarded a grant up to $2,500 for eligible projects not related to loan application fees, or up to $10,000 for the purpose of paying eligible loan fees. The grants have private investment match and job creation requirements. The funds may be used for land and building acquisition, construction and renovation, machinery and equipment, or working capital. The Wayne County Economic Growth Fund is an important investment in the County’s sustainable future. This fund will help create new jobs, attract new and growing businesses to Wayne County, and build a strong, lasting relationship between county government and business professionals.
Through the completion of this project, completed with assistance from regional PREP partners, a start-up veterinary clinic was able to secure financing for new equipment to be used at their location. Additionally, the project will allow for 10 full-time positions to be created upon opening. The borrowers have noted that the business will require an expected 3 additional employees within the first 3 years of operations. The average full-time hourly employees will be paid $11-$18 per hour depending on qualifications and job type. The veterinarians will be salaried positions, with the associated veterinarian being paid approximately 20%-22% of production.