Saleem Musallam at closing with U.S. Orthotics founder Anthony Velazquez.
First Citrus Bank SBA Loan Program Helps Tampa Bay Business Owner Grow Jobs Following Acquisition
Tampa, Fla., July 1, 2022 – New job growth is happening in the Tampa Bay area, thanks to the local initiative of U.S. Orthotics’ most recent owner, Saleem Musallam.
Musallam is already established within the community as the CEO and Founder of Excite Medical, a medical device manufacturer based in Tampa, Florida. Excite Medical’s flagship product, the DRX9000, is a non-surgical spinal decompression machine that is utilized in over 1,000 clinics and hospitals worldwide. Excite Medical is a client of U.S. Orthotics, a producer of custom orthopedic devices and one of the largest medical device suppliers for the Veteran Administration’s health care system.
Due to this relationship, Musallam understands the importance of maintaining the manufacturing process in the United States to preserve quality and avoid supply chain disruptions. This was an important consideration for U.S. Orthotics original founder, Anthony Velazquez, when it came to selecting a buyer.
With the support of First Citrus Bank’s SBA Loan Specialist and Business Banking team, Musallam utilized the power of both the SBA 7(a) and 504 loans to acquire U.S. Orthotics. The lending process at First Citrus Bank was facilitated by SBA Loan Specialist Janet Plummer, Business Banker Matthew Coughlin, and Branch Manager Christopher Waite.
The SBA 7(a) and 504 Loan Guaranty Program operates through private-sector banks that provide small business loans guaranteed by the SBA. Providing this guaranty, the SBA helps many small businesses owners, like Saleem Musallam, to obtain financing to start, build, and grow their operations.
U.S. Orthotics has already hired five new employees under Musallam’s leadership, and more positions are planned for the future.
Learn more about Small Business Loans in Tampa Bay by connecting with a Business Loan Specialist.
