One might think that dentists and doctors seeking loans to launch or expand their practices tend to face fewer obstacles when seeking capital. However, the small business loan application process is still not an easy one. Keep in mind what lenders want to see when evaluating any potential borrower:
You’ll be more likely to qualify for a loan if you’ve already been practicing as a dentist or doctor for a number of years. Recent graduates are considered less experienced and will probably have a more difficult time applying for a small business loan.
If your personal credit history is sub-par, this can raise red flags about your dependability, and also the likelihood that you will pay back the loan on time. Scan through your credit report and history for errors you might have missed.
Have all the necessary documents ready, including a business plan, financial statements, and your credit report, before applying for a small business loan. In addition, you should also be ready to explain why you need the loan and how much you need. Take care not to underestimate the loan amount—you could run into problems later if you don’t make accurate financial calculations now.
4. Something Special
If there is something that sets you or your clinic apart from others, make sure to make that known. With so many clinics available in the U.S,, what would make patients want to choose yours over others? If your business has that little something that could give it an edge over other businesses, bankers will feel more comfortable with lending you money.
Biz2Credit can help you figure out the best path to take. Loan specialists can help you navigate through the array of options to pick the one most suitable to your business. Visit the website or call (877) 861-2210 for help.