Ben Elguezabal first became interested in the medical equipment industry in the 1980s while working for a company with a San Diego branch office.
After that company changed its business direction, Elguezabal branched out on his own and opened San Diego Orthopedics, 3136 Main St. in Chula Vista, in 1984. Eight years later, he decided to purchase a business location after having rented office and work space.
Elguezabal was faced with the decision of what bank to apply to for his Small Business Administration loan. He encountered several obstacles in the process and found that medical equipment companies are not easy to represent because banks ask for references in the medical field. Most manufacturers and distributors require that you have at least three or four years of credit with other companies and you also need to have a bank commercial credit line. But how do you accomplish this when you are starting a business?
After numerous interviews with various banks, Elguezabal was in a difficult situation because he was refused help. Many banks require 40 percent down, which was impossible for Elguezabal. He was almost losing hope, but then he found U.S. Bank and discovered that its SBA Division was easy to work with. Tim Nager, business development officer for U.S. Bank, secured a 7(a) loan for $454,000, enabling San Diego Orthopedics to expand to a second location.
Now U.S. Bank has become part of Elguezabal’s growing business. Ever since San Diego Orthopedics was established, it has been selling fine medical equipment and has been a great success and an accomplishment for Elguezabel.
“I never imagined owning our own business location,” he said.
For more information about San Diego Orthopedics, call (619) 422-1788.