For many healthcare professionals, including dentists, a small business loan can help jumpstart business growth or pave the way for expansion.
Just as it is for all small business owners, there are measures a dentist can take to ensure that his or her loan application is swiftly approved. When applying for a small business loan, dentists should provide the practice’s history, team, purpose, goals, and plans for using the loan. Also keep in mind some of the top things that lenders look for in potential borrowers.
Bankers need reassurance that their loan will indeed be repaid in full in a timely fashion. Having a poor credit history can raise red flags on your reliability and character. There are alternative options for those with bad credit, but make sure you are truthful in your bank loan application. Be honest when disclosing your situation; banks don’t like borrowers who seem like they are hiding something.
Banks will ask if you have alternative sources of repayment, in case the business fails. Real estate, stocks, and cash are all viable options for collateral. Giving banks reassurance of repayment is a crucial part of obtaining a bank loan.
Your loan application should indicate that you are prepared with all the information a banker could possibly want to know about your practice. This includes the purpose of the loan, the desired amount of the loan, management experience, credit score, and more. Also prepare to provide additional information or proof regarding all aspects of the loan application.
There are many dental clinics out there, so if there is anything that would potentially set your clinic apart from the others, that should be noted in your application. Perhaps you are fluent in languages in addition to English and can thus cater to a wider array of patients. Or perhaps you are utilizing groundbreaking new technology in your clinic that most clinics have not yet started using. Whatever the case may be, let banks know what makes your practice special.
Dentists in need of working capital or expansion loans, can contact Biz2Credit toll free at 877-861-2210 or email firstname.lastname@example.org!